Sembmarine

RHAPSODY OF THE SEAS Remade

RHAPSODY OF THE SEAS arriving at Sembawang Shipyard in Singapore March 2, 2012. Photo courtesy RCI

Royal Caribbean International’s  RHAPSODY OF THE SEAS entered Sembawang Shipyard (a subsidiary of Sembcorp Marine Ltd.) in Singapore March 2, to begin a month-long, US$54 million drydock where she will undergo a major revitalization. The  RHAPSODY OF THE SEAS refit is the largest of its kind o take place in Singapore and will employ more than 800 workers from the region.

Part of the  Royal Caribbean’s Vision Class of ships,  RHAPSODY OF THE SEAS will receive a host of new dining and entertainment venues as well as an assortment of technological upgrades. All new furniture, carpet and upholstery, will be fitted from bow-to-stern while all the staterooms will be renovated.

“RHAPSODY OF THE SEAS’ drydock is part of Royal Caribbean’s commitment to continue to deliver the Royal Advantage to our guests,” said Adam Goldstein, President and CEO, Royal Caribbean International. “With our $300 million investment through 2014, no ship in our fleet will go untouched and our guests will have an unrivaled vacation experience no matter which destination in the world they visit or on what ship they sail on.”

As with SPLENDOUR OF THE SEAS, which underwent its upgrade in November 2011,  RHAPSODY OF THE SEAS will receive new dining venues, including Chops Grille, Izumi Asian Cuisine, Chef’s Table experience and Park Café. Additional offerings include a Diamond lounge for Crown and Anchor loyalty guests, a Concierge Lounge for suite guests and top tier loyalty guests, a transformed Viking Crown Lounge and the popular Royal Babies and Tots Nursery.

RHAPSODY OF THE SEAS approaching the shipyard, Singapore March 2. Photo courtesy RCI

Ship-wide Wi-Fi, will be added, along with a digital way finding system, electronic mustering, an outdoor movie screen, as well as iPad’s in every stateroom featuring content about the ship’s amenities and activities, ensuring a seamless cruise experience for guests. The ship’s Centrum, with its sweeping views and central location, will transform into a new chic and sophisticated venue featuring enriching daytime activities, dazzling nightly entertainment and jaw-dropping aerial spectacles. The ship’s Champagne Bar, located in the Centrum, also will reemerge as the R Bar, featuring a sophisticated 1960s vibe, complete with iconic furnishing and signature cocktails mixed by a savvy and personable mixologist.

When the enhancements are completed on March 28,  RHAPSODY OF THE SEAS will sail a 15-night voyage from Singapore to Sydney, Australia. From there, she will sail across the Pacific with a combination of cruises from Australia and Hawaii, before beginning her Alaska season in May 2012.

In Alaska,  RHAPSODY OF THE SEAS will offer seven-night open-jawed itineraries from both Vancouver, British Columbia, and Seattle, Washington.

Friday, March 2, 2012

MIDCAP-Singapore Sembcorp Marine likely to reverse-technicals

Sembcorp Marine Quarterly Profit Beats Estimates on Rig Demand

By Kyunghee Park

Feb. 23 (Bloomberg) -- Sembcorp Marine Ltd., the world’s second-biggest oil-rig builder, reported profit that surpassed analyst estimates as demand for drilling units increased and the company wrote back an over-provision of tax in prior years.

Fourth-quarter net income dropped 4.3 percent to S$229 million ($182 million) from S$239.4 million a year earlier, Sembcorp Marine said in an exchange filing today. Profit beat the S$193.7 million average of 10 analysts’ estimates compiled by Bloomberg. Sales rose 1.5 percent to S$997.6 million.

Sembcorp Marine may have its biggest orderbook since 2008 as Royal Dutch Shell Plc and Petroleo Brasileiro SA invest more on exploration and drilling to increase output. The company is building new yards in Singapore and Brazil to tap that demand.

“Despite the global macro-economic uncertainty, fundamentals for the offshore oil and gas industry remain intact underpinned by healthy oil prices and projected increases in exploration and production spending,” the company said in the statement. “The offshore market continues to display signs of cyclical improvement.”

The company has orders worth S$6.3 billion, which includes S$1.3 billion of contracts secured since the start of this year, with deliveries extending to the second quarter of 2015, it said in the statement.

Order Enquiries

Depending on the outcome of discussions in Brazil, the rig builder could exceed the record orders it won in 2008, Chief Financial Officer Tan Cheng Tat said. In the past three months, enquiries have improved a lot for all products, Chief Executive Officer Wong Weng Sun said.

The tax charge for the quarter included a write back of an over-provision of tax of S$52.5 million, compared with S$1.6 million a year earlier, Sembcorp Marine said.

Sembcorp Marine dropped 1 percent to S$5.23 at the close in Singapore before the earnings announcement. The stock has climbed 37 percent this year, the second-best performer on the 30-member Straits Times Index, on expectations of more demand for drilling rigs.

The company expects its ship repair, ship conversion and offshore capacity to almost double from the current 1.9 million deadweight tons once its new yard in Singapore becomes operational next year, according to the statement.

Operating profit, or sales minus the cost of goods sold and administrative expenses, fell 32 percent to S$201.1 million in the fourth quarter.

The company will pay its shareholders a final dividend of 20 cents a share.

Sembcorp Marine earlier this month won its first drill ship order for $793 million from Sete Brasil Participacoes SA to develop oil and gas fields discovered around the coast of Brazil. The vessel will be delivered no later than the second quarter of 2015 from its Brazilian yard.

--Editors: Subramaniam Sharma, Suresh Seshadri

To contact the reporter on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net

To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net