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The Wall Street Journal
Feb 7, 2012, 8.10am ET
Brazil Petrobras Expects To Sign FPSO Tenders In First Half 2012
RIO DE JANEIRO (Dow Jones)--Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, expects to sign contracts to complete eight floating offshore oil platforms in the first half of 2012 as it ramps up efforts to develop recently discovered deep-water fields, the company said Tuesday. Petrobras will receive proposals Tuesday for building and integrating the processing modules for the eight floating production, storage and offloading vessels, known as FPSOs, that will be installed at fields in the BM-S-9 and BM-S-11 blocks in Brazil's Santos Basin, Petrobras said in an email. That's where a cluster of oil discoveries were made that have been estimated to hold 50 billion barrels of crude.
" At this time, only technical and commercial proposals will be received," Petrobras said. Each proposal will remain in a sealed envelope until it is studied by a commission established to evaluate the proposals, the company added. " The respective contracts will be signed yet during the first half [of 2012]."
The federal oil company said that it wouldn't comment further until the tender process is complete and the contracts are signed. Petrobras is overseeing the tender process on behalf of its partners in the two blocks, including BG Group (BRGYY, BG.LN), Galp Energia (GALP.LB) and Repsol Sinopec. The value of the FPSO tender has been estimated at between $5 billion and $7 billion. The eight FPSOs are clones, numbered P-66 to P-73, with the hulls under construction at a shipyard in Rio Grande do Sul state. The first platform, P-66, is expected to be completed by November 2013.
-By Jeff Fick, Dow Jones Newswires 55-21-2586-6085 jeff.fick@dowjones.com
On Tuesday, Sembmar broke the resistance at $4.97 and closed at $5.02 with LOW volume of 6.42 million shares traded.
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 23 black candles for a net of 1 white candle.
RSI & MACD are turning bearish as MACD about to cross down.
Important Resistance of Sembmar: $5.15
Immediate Support of Sembmar: $4.97
Currently prices are well above 20/50/100/200 days MA.
Today SembMar just broke the .............. READ MORE
This also positions SMM very well to penetrate beyond its earlier target of 6-7 drillships from Petrobras since EAS – a local yard – is behind schedule in delivery and SMM may potentially take over a portion of its 7 drillship contract.
In house view, acceptance of this design represents a breakaway from the Korean shipbuilders in the drillship segment, particularly from Samsung Heavy whose design has dominated market share over the past cycle. Acceptance of this rig will also improve SMM’s marketability to international drillers and widen its addressable mkt.
$5.40? very greedy . :)
huat arrhhhhhhhhhhhhhhhhhhh!!
susan66 ( Date: 01-Feb-2012 19:31) Posted:
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I think can buy SembMar today.
Entry: $4.98 and Above
Stop-Loss: $4.82
Target: $5.44
More on my Blog at Alex Trades.
Good luck.
HSBC switched out of KepCorp into SembMarine (TP $6.05). Thus SembMarine has moved up sharply by 22% vs Kepcorp up by 7% only after their report. Despite this, I continue to long Kepcorp only.
SINGAPORE, Jan 10 (Reuters) - HSBC recommends investors buy Sembcorp Marine Ltd instead of Keppel Corp to benefit from growing exploration activity in oil and gas. HSBC said at a briefing on Tuesday that Sembcorp Marine is one of its top 10 stock picks for Asia excluding Japan. HSBC values Sembcorp Marine at S$6.05.
" The Asia Super Ten actually switched out of Keppel Corp into Sembcorp yesterday. The reason is we think that Sembcorp is a purer play on that sector, while at Keppel you have more exposure to property," HSBC's global head of equity strategy, Garry Evans, said in Singapore. The global demand for oil looks set to " continue on a long term structural basis" , he said. Keppel Corp is the world's largest rig builder but the firm also has a large property arm. Sembcorp Marine is the world's number two rig builder. Evans added that because the sector is not cyclical and is relatively cheap at the moment, such companies look attractively valued.
CITI up the tgt price ? ?????????????????????????????
Are they BUYING ...
Reiterates that semi-sub new build demand will emerge this year and regain mkt share after years of underinvestment, underscored by the rise in day rates and sharp fall in uncharted supply.
Adds, SMM is better positioned to benefit from a resurgence in semi-subs than an up-cycle in jackups, given the popularity of its F& G rig designs.
RESEARCH ALERT
SINGAPORE, Feb 3 (Reuters) -
Citigroup raised its price target on Singapore rig builder SembCorp Marine to S$5.90 from S$4.76 and kept its buy rating.
Citi said it expects demand for semi-submersible rigs, an area SembCorp is good in, to emerge this year after a long period of under-investment.
niuyear ( Date: 01-Feb-2012 13:32) Posted:
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cheong arhhhhhhhhh
Can we see peers $5?
alexchia01 ( Date: 30-Jan-2012 22:53) Posted:
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typo error. $4.76 was a good bet yesterday. Today $4.89 + 13c. Rumour of Brasil $1B contract appears to be real.
Investors expected minimum Final div = 25c (same as last FY), but IF any lesser then px will drop sharply.
Jackpot2010 ( Date: 30-Jan-2012 11:04) Posted:
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warrenbegger ( Date: 30-Jan-2012 23:04) Posted:
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Many times the answer is already in my words, maybe u didn't notice it :)
wangerism ( Date: 30-Jan-2012 22:42) Posted:
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