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2841-2860 of 5997
Last chance to load up more. Heard more contractor soon when market close will acc
Seeing 1.91 again require very very bad news... or else it has been bottom now... Only rebounding up...
Hi,
Dont be naive.... Please think hard if there such a good insurance coverage in this world?
" Cosco can get up to 90% from insurance coverage if order is cancelled" .... It is does not give any detail
of what condition then can claim 90%.....
if you cannot wait... then buy. don't later miss then boat then you sad.
pls sell more..
someone pls sell 3k down 194.. 4k down 193.. 2k down 1.92 and 2k down 1.91 for me to buy pls..
:(
stocksburntme ( Date: 27-May-2011 16:13) Posted:
| all the gain yesterday gone~~ sad
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all the gain yesterday gone~~ sad
okay...this time i will log off my trading platform...
Isolator ( Date: 27-May-2011 16:04) Posted:
Those who long should stay relax.... It is the shorties that are looking for exit soon.... Longies just sit back and watch the show..... |
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Those who long should stay relax.... It is the shorties that are looking for exit soon.... Longies just sit back and watch the show.....
u expect ur broker to be a pro trader? if he is, he will be a fund manager.. not just a broker who most of the time just call and ask u to pay up ur $$ when margin calls, contra due.. etc
rickyw ( Date: 27-May-2011 15:48) Posted:
yup..i just read carefully then they said there is insurance..but why my broker didnt sent me this important message...??
Noob79 ( Date: 27-May-2011 15:40) Posted:
| Wah lao i also duuno but just read the post from samson just a few post below leh....U go read loh near last paragrap |
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yup..i just read carefully then they said there is insurance..but why my broker didnt sent me this important message...??
Noob79 ( Date: 27-May-2011 15:40) Posted:
Wah lao i also duuno but just read the post from samson just a few post below leh....U go read loh near last paragraph
rickyw ( Date: 27-May-2011 15:34) Posted:
| how u know they buy insurance? hehehe. |
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I think I should just log off and dun watch...see liao TL...so many seller.
Wah lao i also duuno but just read the post from samson just a few post below leh....U go read loh near last paragraph
rickyw ( Date: 27-May-2011 15:34) Posted:
how u know they buy insurance? hehehe..
Noob79 ( Date: 27-May-2011 15:32) Posted:
| It doesn't seem to be that bad mah...Cosco can get up to 90% from insurance coverage if order is cancelled and can resell the rig to others... Also Mar Sevan Drilling just signed contract in Mar... i believe Sevan Drilling is not that jialat from what the article said!!!! |
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how u know they buy insurance? hehehe..
Noob79 ( Date: 27-May-2011 15:32) Posted:
| It doesn't seem to be that bad mah...Cosco can get up to 90% from insurance coverage if order is cancelled and can resell the rig to others... Also Mar Sevan Drilling just signed contract in Mar... i believe Sevan Drilling is not that jialat from what the article said!!!! |
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It doesn't seem to be that bad mah...Cosco can get up to 90% from insurance coverage if order is cancelled and can resell the rig to others... Also Mar Sevan Drilling just signed contract in Mar... i believe Sevan Drilling is not that jialat from what the article said!!!!
I agree with this one, if I remember, this news has already out few days back, then why suddenly now panic selling? u sell to someone cheap lei...
Isolator ( Date: 27-May-2011 15:10) Posted:
News and report are out with motives? For here, it is obviuosly to create opportunity for the shorties to cover back... Sure got retail investors panic to sell....
Trends is respected by BB, FM, me, etc....Some bad news cannot change the trends... It will continue uptrend again... |
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master isolator, are u trying to tell us are like BB,FM ? :p
anyway.. those who have holding power just hold this ship tight tight..
set a cut loss price if the trend changes
Isolator ( Date: 27-May-2011 15:10) Posted:
News and report are out with motives? For here, it is obviuosly to create opportunity for the shorties to cover back... Sure got retail investors panic to sell....
Trends is respected by BB, FM, me, etc....Some bad news cannot change the trends... It will continue uptrend again... |
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News and report are out with motives? For here, it is obviuosly to create opportunity for the shorties to cover back... Sure got retail investors panic to sell....
Trends is respected by BB, FM, me, etc....Some bad news cannot change the trends... It will continue uptrend again...
when can see $2 again>
I ganjiong spider
Isolator ( Date: 27-May-2011 14:55) Posted:
No worry.... $2 will be crossed soon... You will made double.... |
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I tot this news has already know before?
samson ( Date: 27-May-2011 14:02) Posted:
DBS Group Research . Equity 27 May 2011
BUY S$2.00 STI : 3,123.70
Price Target : 12-month S$ 2.86
Sevan is in rough seas
• Sevan Drilling’s parent - Sevan Marine - faces financial distress and CEO steps down.
• Raises concerns over default risk, cancellation and delay of contract awards to Cosco.
• LOI may not be converted to a contract but cancellation risk is low.
• Maintain BUY and S$2.86 TP.
Sevan Marine undergoing financial restructuring. Sevan Marine, parent company of Cosco’s customer – Sevan Drilling, said it failed to proceed with the rights issue of US$275m due to a sharp plunge in share price (-67% since 20 May) and anticipated breach of minimum liquidity requirements. Sevan
Marine has engaged ABG Sundal Collier, DnB NOR, Pareto Securities and SEB Enskilda to address a financial and strategic restructuring package for Sevan Marine. Further uncertainties also arise with the CEO, Jan Erik Tveteraas, stepping down. Impact to Cosco... Cosco’s customer is Sevan Drilling, not the parent. Though, concerns could be elevated on Sevan Drilling’s financing capability and business continuity if its parent enters into Chapter 11. Sevan Drilling has one rig (Sevan Brasil) under construction with Cosco and has signed LOIs for two additional similar rigs worth US$1.05bn.
Hence, potential risk to Cosco could come from:
1) default payment/cancellation of Sevan Brasil
2) LOIs for the two rigs not exercised and
3) Ability to finance the remaining 80% of the LOIs (20% raised through recent IPO). …mitigated by proper measures in place. 30-40% completion with progressive payments made for Sevan Brasil, back-to-back charter contracts to Petrobras, and purchase of insurance coverage have minimized the cancellation risk of Sevan Brasil. As for financing, Sevan Drilling is in the process of terminating cross default clauses between Sevan Drilling and
Sevan Marine to avoid potential loan withdrawals. Near term overhang due to uncertainty. The risk of Sevan’s LOIs not being exercise should be offset by buoyant offshore outlook and other non-Sevan projects under tender. Offshore outlook remains intact with over US$2.5bn of non-Sevan
projects under tender. Maintain BUY and S$2.86 TP.
Sevan headwinds ahead
Sevan Marine undergoing financial restructuring. Through a company release on 26th May, Sevan Marine (parent company of Cosco’s customer – Sevan Drilling), updated investors that it failed to proceed with the right issue of US$275m due to the sharp plunge in share price (-67% since 20 May) and anticipated breach of minimum liquidity requirements by the end May 2011. Sevan Marine has
engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda to address a financial and strategic restructuring package for Sevan Marine. CEO is also stepping down. The CEO of Sevan Marine and Sevan Drilling, Jan Erik Tveteraas, is also stepping down as CEO for both companies, citing personal reasons. This does not appear positive and is adding uncertainties to the
current messy situation. Customer is Sevan Drilling. Cosco’s customer is Sevan Drilling, not the parent - Sevan Marine. However, concerns could be elevated on Sevan Drilling’s financing capability
and business continuity if its parent enters into Chapter 11. Sevan Drilling is now operating one rig and is expected to take delivery of its 2nd rig - Sevan Brasil - from Cosco yard by 1Q12. In addition, it has signed LOIs for two similar rigs with Cosco worth US$1.05bn. Potential negative impact to Cosco could come from:
1) Default payment / cancellation of Sevan Brasil, which is 30-40% completed with progressive payment.
2) Defer or withdrawal of the LOIs for two cylindrical rigs. 3) Low chance of exercising the two options for two similar rigs.
4) Financing capability to fund 80% of the two LOIs (remaining 20% by proceeds raised through recent IPO). … are mitigated. We believe the likelihood of cancellation of Sevan Brasil is slim. 30-40% completions with milestone payments, back-to-back charter contracts from Petrobras,
and purchase of insurance coverage have minimized the cancellation and default risk. As for financing, Sevan Drilling is in the process of terminating cross default clauses between Sevan Drilling and Sevan Marine to avoid potential loan withdrawals. Fortunately, Cosco is covered by insurance, which will refund up to 90% of outstanding payments in the event of a cancellation. In addition, Cosco has the priority to sell the vessels in the event of bankruptcy.
Reason for Report : Newsflow on Sevan Marine
Potential Catalyst: Offshore contract wins
Analyst
Janice CHUA +65 6398 7954
janicechua@dbsvickers.com
HO Pei Hwa +65 6398 7968
PeiHwa@dbsvickers.com
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