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PetroRig Sues Sembcorp Marine Over Rig Contract
18 May 2009
PetroRig 1, a special-purpose vehicle linked to Norwegian company PetroMena, has sued a unit of Singapore's Sembcorp Marine for breach of contract over a $454m rig order, court documents showed on Monday.
PetroRig 1, which has filed for Chapter 11 bankruptcy in the US, alleged that Sembcorp's Jurong Shipyard unit had made an "improper attempt to terminate the construction contract" for an ultra deepwater semi-submersible drilling rig and said Sembcorp subsequently tried to sell the rig at a below-market price.
The filing did not say how much damages PetroRig was seeking.
Sembcorp Marine, the world's second-largest maker of offshore oil rigs, did not immediately comment on the matter.
In April, Sembcorp Marine said that it had terminated a rig-building contract with PetroMena because the final payment had not been made and planned to sell the rig to recover money owed.
By Kevin Lim, Reuters.
I think those what bought at high price may want to DCA instead of cutting lost. There are some counters which will stand out in mid of this correction. These are worth investing.
haha...was it Kepcorp or Sembmar that has contract from this co. that file bankruptcy ??? hee...ho say liao..tomor short big time ! :D
Norwegian driller PetroMENA units file for Chpt 11
BANGALORE, May 18 (Reuters) - Norwegian oilfield driller PetroMENA's (PMENA.OL) PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd Singapore subsidiaries filed for Chapter 11 bankruptcy protection on Sunday, U.S. court documents showed.
In a filing with the U.S. Bankruptcy Court for the Southern District of New York, each unit listed assets of up to $500 million and liabilities of up to $500 million.
PetroRig I requested in the filing that all three units, which were established for the purpose of building drilling rigs in Singapore, be considered as a consolidated unit.
The units hired the law firm of Akin Gump Strauss Hauer & Feld LLP as attorneys for the court proceedings.
According to the U.S. filing, PetroRig I has $264 million of bond debt, with Norsk Tillitsmann as trustee for the bondholders. In early April, the bondholders said that the company was in default on its bonds, but PetroMENA rejected that accusation. (Reporting by Ajay Kamalakaran in Bangalore)
I think this company is worth putting $$$ in. Strong cash flow & order book till 2012.
Only thing to keep a look out is the default payment & order cancellations.
My friend saw wrong counter and asked me to buy this one (supposed to be a buy call to buy semb Corp Industrial). Tk god only few lots. Anyway, not intentionally. Its ok. Just got to hold it.
Anyone any idea should sell this one or hold? tks
DMG 11May09
Upgrade from NEUTRAL to BUY.
Consequently, our FY09-10 net profits increase by 11% and 19%. SCM has shown consistent improved results to deserve a rerating. Furthermore, as market sentiments improved (positive response on the sale
of distressed assets from customers with weaker balance sheets, ie. PetroRig I, new order flow from Petrobras and confidence of credit market easing), we peg 3.5x P/B FY10, deriving a target price of S$3.06 (from S$2.07 previously).
1Q09 results exceeded our estimates.
Sembcorp Marine (SCM) released its 1Q09 results last Friday. Revenue rose 48.8% YoY (but declined 15.7% QoQ) to S$1.4b on the back of higher percentage of completion achieved in the rig building,
offshore and conversion projects. Operating profit was S$134.6m, an improvement of 69.4% YoY (but a fall of 22.3% QoQ). This was in line with consensus estimates but exceeded our expectation.
What do you suggest on other brokerage?
Any feedback about Saxo trader? It's so expensive, need to put SGD 20,000 in order to access SGX and US market.
Uobkayhian is problematic, when the market hot...the server down. And they upgrade their software during day time. Can't these people work on so call 'redundant system', can they! Like....never go to school before.
cheongwee ( Date: 08-May-2009 15:57) Posted:
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previously face the same problem...when the going is good..vol high..problem come..
the solution....open more trading acc with other broker..but there are trading limit.
previopusly with a new broker i want to sell 100 lot capitlaand..they said got to fax over a copy frm SGX acc to show i actually own the stock..
u pls check.
edot4ni ( Date: 08-May-2009 15:53) Posted:
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Damn UOBKAYHIAN down!
I don't know the currect price, I wish it down a little to touch the 61.8% and it will spring up very strong.
Again, I WISH!
3.20 !! Hope can reach there at least $3.00. I thought almost reaching my target, then, drop back again this afternoon.
edot4ni ( Date: 08-May-2009 13:16) Posted:
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Drew FIBbonacci, target price can reach 3.2 (Surprise me, it caught me unaware)
Good profit and diviidend... Out at 2.24...
nickyng ( Date: 22-Apr-2009 11:43) Posted:
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