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Sembmarine

The offshores were mostly flat to slightly yesterday as they are seeking for confidence to trade higher.

Kepcorp is still facing resistance at 11.20 level and was unable to break it. It might consolidate back towards 11.00 level before it can attempt to break this resistance level.

Sembcorp also struggled to trade higher yesterday as its 100ma resistance at 5.38 level is holding firmly.

It might retrace back to 5.24 level before attempting to break this resistance level again.

Sembmar ended flat as it is facing its 100ma resistance line at 4.76 level.

It might be starting to lose its bullish momentum and will be retracing back to its breakout level of 4.64.

Overall, the offshores are facing resistance and they are likely to retrace towards their support levels.

 

moving up

 

 

 

oil is $93.. bodes well for rig builders

 

CNY is very near by, HAVE $$$$$$$$$$$$$$ may also have big problems

krisluke      ( Date: 03-Jan-2013 00:05) Posted: salvage work is the thing to be watch, becos it is not cheap... It going to happen soon. Activate the sea floating crane, determine the load size and shape and bring the rig upright. BUT.... WAit ... Had the furniture, scaffolding material, equipment (fragile and non fragile kind) etc  weight (gross) been included in those risk assessment and safe work procedure  conducted ?

 

The offshores made a strong recovery from their retracement actions yesterday.

Sembmar lead the recovery as it managed to head for a higher level after breaking its recent high of 4.65 level.

It will now likely to head towards its strong resistance level at 4.80 level before any retracement actions can happen.

Sembcorp also follow suit and broke its recent high yesterday. However, it got close to its strong resistance at 5.38 level where it confluences with 200ma resistance.

Sembcorp might be facing trouble breaking this resistance level today.

Kepcorp managed to break out of its 100ma resistance at 11.00 level yesterday and is now heading towards its next resistance at 11.24 level.

Overall, the offshores will likely to continue their bullish momentum till they have clearly tested their resistance level before any retracement actions can happen.

 

Volume is required to push and substain the price level.

For both Sembmar and Kepcorp.

 

 

 

$4.73 is the R1

Swing above $4.76 may see testing $4.80.

Pivot at $4.68

 

Good, just entered $4.60 recently, should b with this break easily.

 

tmr.

krisluke      ( Date: 02-Jan-2013 15:58) Posted: $4.71 is the resistance level... ... If break , may see $4.85.

 

salvage work is the thing to be watch, becos it is not cheap...

It going to happen soon. Activate the sea floating crane, determine the load size and shape and bring the rig upright.

BUT.... WAit ...

Had the furniture, scaffolding material, equipment (fragile and non fragile kind) etc  weight (gross) been included in those risk assessment and safe work procedure  conducted ?

 

Any one know the man power strength of belfor.

local and foreign labor in ratio.

This kind of $ can save for raining days ... ...

I think SCM going to set up recovery and salvage department soon, they're are now working on a safe work policy on recovery work  and  maybe salvage work as well... ..

 

 

Recovery work suppose to work round the clock. I believed belfor worked extended hours , at least more than 15 hours per worker per day  including saturday and sunday.

It happened on sunday in the late afternoon.

 

Corrective measure:

Daily toolbox withness by yard representative, including late work, weekend work, shift work,  comfort and feedback abt ppe (safety harness).

Plan  for  work rest, ie eating time for lunch, dinner , supper, and nos of tea break (if deems necessary)

Close supervision for critical work. ie scaffolding, unlevel working platform, chemical agent

 

Preventive measure:

Schedule a shift work rotation ie morning shift, afternoon shift and evening shift ( having allowance for shift )

Measure their pulse and temperature reading for irregularity.

Send workers for full  health screening and done annually.

 

A earlier  report from CNA singapore said that belfor  had stop recovery work following one worker death.

Jurong shipyard was instructed to review their  risk assessment and safe work procedure  for recovery work.

Belfor Asia's Project Manager, Somsai Kungsuwun, said the company is cooperating with the authorities.

He clarified that the deceased did not slip and fall as some media reported during the case. There were at least 2 workers with him when he collapsed.

He also claimed that there were no hazardous gases presence in the working area.

Belfor was tasked to clean the equipment with fresh water and use a preservation agent to stop corrosion. The recovery work was supposed to be completed on 6 jan 2013, said Somsai Kungsuwun.

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Dead man can't talk, only those can talk will / might revealed / hide the fact.

I think a person of old age would had an harder time working on rig especially when it was tilted to one side.

Suppose SWP and RA were from belfor and not jurong shipyard. They are not permitted to do recovery work under their factory permit declared.

Those SWP and RA were from belfor. They hold the factory permit with such trade work obligation.. ... they were though to be the specialist in this field.. ...

So now Jurong steps in , they may have a better shot on the " specialist" since RA is the risk assessed on the work activities that break into steps.

RA team from both parties ... ... Then the $ would be reduced. ... Such an recovery work can be easily done by shipyard workers given with proper instructions on how the preservation agent was applied..

 

 

 

 

 

$4.71 is the resistance level... ...

If break , may see $4.85.

 

The offshores retraced slightly yesterday as traders took the cautious approach.

Kepcorp continues to struggle at its 100ma resistance line at 11.00 level where is still can’t break it.

Kepcorp might attempt to break this resistance level again today.

Sembcorp failed to head higher but instead tested its 200ma support line at 5.25 level.

Sembcorp might continue to consolidate at this level before further bullish movements are seen.

Sembmar also tried to retrace and it held its support at 4.60 level.

Its white candle closing shows that the support is holding well and if Sembmar trades higher today, its bullish momentum will likely to continue to help Sembmar to seek its recent high of 4.66 level.

Overall, the offshores were still showing bullish strength despite weakness in their prices.

 

Gap closed to be substainable

 

IT appear to me, the problems are vvvvvvery big and not static problems. Not just one of your car wheel give way problem on the road.

Need many specialists experts of different disciplines to study and one chief cook to lead. MAY need months or even years  my view ???

krisluke      ( Date: 30-Dec-2012 15:32) Posted:

 

There is a gap need to be closed...

 

 

 

I think SMIT Salvage and Belfor would be from noble drilling and not SCM.

I can only concluded that the client provided SCM with rig design and dwg.

SCM task is simple, construct and build the rig according to specification and its details provided.

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SMIT....

It remind me of keppel SMIT...

Are they related ? ??