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CoscoCorp

BB decides the direction....at least for now. News and rumors are their tools... don't read too much into it... they can flip it any direction they want.

 

    NOt affected when Parent company in    trouble, hard to swellow?????

 

Deals are with Sevan Drilling, not with its troubled Norwegian parent

 

By JAMIE LEE

 

COSCO Corporation says all its four vessel building contracts are with Sevan Drilling and not with its Norwegian parent Sevan Marine.

 

The Singapore-listed company made this distinction in an announcement yesterday to allay analysts' concerns that the financial woes of Sevan Marine could have a bearing on Cosco's order book. It also said that the Sevan Drilling group has been making payments on time so far.

Cosco also said separately yesterday that two letters of intent signed with Sevan Drilling companies for contracts worth US$1.05 billion are now effective. Deliveries of drilling units under these two turnkey EPC (engineering, procurement and construction) contracts are expected to take place in the fourth quarter of 2013 and the second quarter of 2014, respectively

Analysts last week signalled potential risks to the Cosco's order book - about 20 per cent of which is made up of Sevan Drilling order - after its parent Sevan Marine said it expects to breach its minimum liquidity requirements by today under one of its financing agreements.

Sevan Marine has hired bankers to look into a financial and strategic restructuring of the firm, it announced last week.

The Norwegian oil production equipment contractor has dropped its plans for a US$275 million rights issue against its plunging share price.

Sevan Drilling also lost its chief executive Jan Erik Tveteraas, who resigned because of personal reasons.

Cosco is currently building a rig for Sevan Brasil, which is about 40 per cent completed, according to a DBS Vickers Securities report last week. Analysts had flagged risk of a possible default payment or cancellation of the project but were careful to say that risks were slim.

DBS Vickers noted that Sevan Drilling is in the midst of terminating cross-default clauses between Sevan Drilling and Sevan Marine to avoid potential loan withdrawals.

The brokerage also said that 20 per cent of financing for the letters of intent would be raised through Sevan Drilling's initial public offering - which had the listing price set at the low end of a price range that had been reduced twice.

Cosco, in a third announcement yesterday, also said it has formalised a US$114 million contract with Houston-based oil producer company ATP Oil & Gas to build a hull. The project should be ready for delivery in the third quarter of 2013.

Cosco shares lost one cent to close trading at $1.93 yesterday.

 

ya ~~ It almost took more than half of my accumulated profit.

mid cap and small cap keep lower and lower. I cut loss many times.

STI index actual push by Cardine group you see their company share in STI component soar ~~

Peg_li      ( Date: 30-May-2011 22:38) Posted: Hope those big players do not do same thing on cosco! also hope cosco to be a really blue chips like sembmaring and UOB etc.   Peg_li      ( Date: 30-May-2011 22:35) Posted: SGX, now is really something strange, STI index is not falling so much from last year 3300. but we look at individual stocks, it is really surprising. yangzijing, yanlord, indoagri and many mid-small caps already went down a lot from their respect peak price. maybe big players want to sell their holdings but they don't want to make retail investors panic while keep STI index stable. they are very very bad!!! I already found this, but we could not do anything. paper loss a lot. this is a very deep lesson for me

 

if long term uptrend support breakout better don't get it because we don't where is the ending.

1.89 - 1.90 very critical support hope it hold firmly.

rotijai      ( Date: 30-May-2011 23:04) Posted: chart wise.. cosco doesnt look good at the moment.. but since master isolator's so bullish about this ship.. let's see how it turns out.. the important support now is 1.89-1.91, if broken we will see 1.81 i am vested too.. but if i am wrong i have to cut :( Peg_li      ( Date: 30-May-2011 22:54) Posted: Actually invested a lot of money in cosco(almost half portforlio). Of course hope cosco strongly rebounce, never sell so far even when it is at peak 2.42 and 2nd peak 2.38. hope it come back to 8$. Hope BBS push it up and not down

 

Probably need to see how going on at tomorrow, only the BIG FISH can decide our destiny....

 

I think also. I see lower highs. Who knows, Isolator could be wrong this time round.

 

chart wise.. cosco doesnt look good at the moment..

but since master isolator's so bullish about this ship.. let's see how it turns out..

the important support now is 1.89-1.91, if broken we will see 1.81

i am vested too.. but if i am wrong i have to cut :(

Peg_li      ( Date: 30-May-2011 22:54) Posted: Actually invested a lot of money in cosco(almost half portforlio). Of course hope cosco strongly rebounce, never sell so far even when it is at peak 2.42 and 2nd peak 2.38. hope it come back to 8$. Hope BBS push it up and not down! rotijai      ( Date: 30-May-2011 22:46) Posted: don mislead the forumers pls. some big significant STI stocks are still very strong. look at jardine, singtel, uob, F& N and dbs.. BBs have their own individual ways of trading/betting.. dont keep guessing wat they are going to do.. cause they themselves dont even know how's the market like tmr. they just play according to the trend and risk/reward plan. u thought everyday the BBs are trying to cheat retailers $

 

Actually invested a lot of money in cosco(almost half portforlio).

Of course hope cosco strongly rebounce, never sell so far even when it is at peak 2.42 and 2nd peak 2.38.

hope it come back to 8$.

Hope BBS push it up and not down!

rotijai      ( Date: 30-May-2011 22:46) Posted: don mislead the forumers pls. some big significant STI stocks are still very strong. look at jardine, singtel, uob, F& N and dbs.. BBs have their own individual ways of trading/betting.. dont keep guessing wat they are going to do.. cause they themselves dont even know how's the market like tmr. they just play according to the trend and risk/reward plan. u thought everyday the BBs are trying to cheat retailers $? Peg_li      ( Date: 30-May-2011 22:35) Posted: SGX, now is really something strange, STI index is not falling so much from last year 3300. but we look at individual stocks, it is really surprising. yangzijing, yanlord, indoagri and many mid-small caps already went down a lot from their respect peak price. maybe big players want to sell their holdings but they don't want to make retail investors panic while keep STI index stable. they are very very bad!!! I already found this, but we could not do anything. paper loss a lot. this is a very deep lesson for me

 

don mislead the forumers pls.

some big significant STI stocks are still very strong. look at jardine, singtel, uob, F& N and dbs..

BBs have their own individual ways of trading/betting..

dont keep guessing wat they are going to do.. cause they themselves dont even know how's the market like tmr. they just play according to the trend and risk/reward plan.

u thought everyday the BBs are trying to cheat retailers $?

Peg_li      ( Date: 30-May-2011 22:35) Posted: SGX, now is really something strange, STI index is not falling so much from last year 3300. but we look at individual stocks, it is really surprising. yangzijing, yanlord, indoagri and many mid-small caps already went down a lot from their respect peak price. maybe big players want to sell their holdings but they don't want to make retail investors panic while keep STI index stable. they are very very bad!!! I already found this, but we could not do anything. paper loss a lot. this is a very deep lesson for me! kentssoo      ( Date: 30-May-2011 22:20) Posted: i have the same feeling. it is not encouraged to go in this counter now...

 

Hope those big players do not do same thing on cosco!

also hope cosco to be a really blue chips like sembmaring and UOB etc.

 

Peg_li      ( Date: 30-May-2011 22:35) Posted: SGX, now is really something strange, STI index is not falling so much from last year 3300. but we look at individual stocks, it is really surprising. yangzijing, yanlord, indoagri and many mid-small caps already went down a lot from their respect peak price. maybe big players want to sell their holdings but they don't want to make retail investors panic while keep STI index stable. they are very very bad!!! I already found this, but we could not do anything. paper loss a lot. this is a very deep lesson for me! kentssoo      ( Date: 30-May-2011 22:20) Posted: i have the same feeling. it is not encouraged to go in this counter now...

 

SGX, now is really something strange, STI index is not falling so much from last year 3300.

but we look at individual stocks, it is really surprising. yangzijing, yanlord, indoagri and many mid-small caps

already went down a lot from their respect peak price.

maybe big players want to sell their holdings but they don't want to make retail investors panic while keep

STI index stable.

they are very very bad!!!

I already found this, but we could not do anything. paper loss a lot.

this is a very deep lesson for me!

kentssoo      ( Date: 30-May-2011 22:20) Posted: i have the same feeling. it is not encouraged to go in this counter now...  Peg_li      ( Date: 30-May-2011 22:01) Posted: feeling is it still go down, not so good, from long term point of view, this one is still very good counter. still hold tightly whatever big players play

 

i have the same feeling. it is not encouraged to go in this counter now... 

Peg_li      ( Date: 30-May-2011 22:01) Posted: feeling is it still go down, not so good, from long term point of view, this one is still very good counter. still hold tightly whatever big players play! Tangwp      ( Date: 30-May-2011 21:58) Posted: How going on with Cosco tomorrow???

 

feeling is it still go down, not so good, from long term point of view, this one is still very good counter.

still hold tightly whatever big players play!

Tangwp      ( Date: 30-May-2011 21:58) Posted: How going on with Cosco tomorrow???

 

How going on with Cosco tomorrow???

 

less than half year, cosco got almost 2 billion us$ offshore business except dry-bulk ships.

what a bright future!hold tightly!don't be wiped off by big players.

 

getting color....

how do u confirm it ?

hpong5      ( Date: 30-May-2011 18:54) Posted: JP Morgan is also in the game.

 

JP Morgan is also in the game.

 

Very hard to say, but now that the contracts awards have been formalized and all over the news, investors should be at ease for now. The thing to do now is to wait for more good news coming out.

rickyw      ( Date: 30-May-2011 16:47) Posted: how accurate that " sources" ? i see also this is accumulation pattern... hpong5      ( Date: 30-May-2011 16:41) Posted: Sources say that big foreign houses are accumulating. Goldman Sachs is one of them.

 

I want to slap this bitch...wake up ...wake up!!

stocksburntme      ( Date: 30-May-2011 16:21) Posted: this girl having pms for a week liao. up down up down up down...