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krisluke
    28-Dec-2012 22:36  
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Dec 042012
 

Tilted Jack-up rig Noble Regina Allen



The under-construction oil rig NOBLE REGINA ALLEN tilted over during a test Monday at a Sembcorp Marine Ltd. shipyard in Singapore, injuring 89 workers. Six people were admitted to hospitals for treatment and observation after the accident, which took place at a Jurong Shipyard Pte. yard, Singapore-based Sembcorp said in a statement. Work on the unit has been halted as the company and the Singapore Ministry of Manpower investigate. Sembcorp said in an earlier statement that 90 workers were injured and four were admitted to hospitals. The rig tipped after the jack-up mechanisms on one of its three legs failed, the ministry said, citing a preliminary review. The mechanisms raise and lower a rig’s platform. The accident could delay deliveries for Sembcorp, the world’s second-biggest builder of jack-up rigs, and cause extra costs because of the need for repairs. The rig-maker is already contending with new competition as Chinese shipbuilders try to break into the market amid slumping demand for vessels.

“The risk for Sembcorp because of this could be forced delays on projects to do safety reviews,” said Vincent Fernando, an analyst at Religare Capital Markets in Singapore. “There could also be impact on profitability due to either penalty payments for late delivery or just costs.” Shares of Sembcorp fell 2.2 percent, reversing earlier gains, in Singapore trading. That was the biggest drop since Nov. 6, the day after it reported a 48 percent decline in quarterly profit.

The Ministry of Manpower said in an earlier statement on its website that one worker was in a critical condition while another 22 were seriously injured. Sembcorp held $1.75 billion of orders for jack-up rigs, which are used in shallow waters, as of Nov. 5. That was 18 percent of its total backlog. Competition from Chinese and Korean yards for offshore projects has intensified and threatens margins, Singapore-based Keppel Corp., the world’s biggest oil-rig maker, said in October. Yangzijiang Shipbuilding Holdings Ltd., based in Jiangyin, China, announced Monday a $170 million order for a jack-up rig, its first contract for an offshore unit. Source : Tulsaworld

Singapore’s Ministry of Manpower confirmed Monday evening (local time) that all Jurong Shipyard workers have now been accounted for after a jack-up rig under construction at the yard tilted over earlier in the day.

Tilted Jack-up Rig at Jurong Shipyard, Singapore



Eighty-nine workers were hurt as a result of the accident, although the ministry reported that 77 of these have now been discharged from hospital after receiving treatment for minor injuries. Of the remaining 12, six are in normal hospital wards while another six remain under observation

Speaking outside the Accident & Emergency department at Singapore General Hospital Monday evening, Senior Parliamentary Secretary for Manpower Hawazi Daipi commented: “MOM takes a very serious view of the accident – this is one of the worst industrial accidents we have seen in recent times. The priority now is to look after the injured and ensure that they receive the best care possible. It is also important to stabilize the situation at the work site and investigate the accident thoroughly to find out what went wrong.”



The accident occurred Monday morning when one of the three legs of a jack-up rig failed, causing the rig to tilt to one side.

The rig was reported to be the Noble Regina Allen (400′ ILC), a jack-up being built for Swiss rig contractor Noble Corporation.

National Oilwell Varco was understood to have had 18 workers on board the rig at the time of the accident, according to reports.

The Noble Regina Allen rig was scheduled to be delivered during the first quarter of next year to begin work for Gaz de France offshore from the Netherlands. It was designed by naval architects Friede & Goldman and is the first of six jack-ups in F& G’s JU3000N class of rigs. Capable of operating in depths of up to 400 feet, it has a rated drilling depth of 35,000 feet.

Jackup Rig Accident a Reminder for Offshore Sector to Remain Vigilant

SOURCE: Rigzone

See below the Breaking News of the Accident cause:

Click on picture for Video

SINGAPORE: A failed braking system on one of the movable legs of a rig at the Jurong Shipyard had caused the structure to tilt, injuring 89 workers on Monday.



Sembcorp Marine gave this update as part of its early findings of investigations into the accident at the shipyard in Tanjong Kling Road.

The company said load tests were being carried out on the partially-constructed rig from last Saturday.

Before the incident happened, the legs of the rig were lodged firmly some three metres in the seabed and were able to take on the load testing.

The load tests went on for about 1.5 days with each of the three legs of the rig bearing a load of about 9,000 tonnes.

However, on Monday morning, the jacking unit of the forward leg slipped, causing the hull and the legs to tilt forward.

Sembcorp Marine said the priority now is to stabilise the structure. It is working closely with experts to get it back in an upright position.

Meanwhile, the Manpower Ministry said that most of the workers have been discharged while three are still being warded for minor injuries.

One of the workers warded in West Point Hospital has shin injury with hairline fracture.

Of the two warded at the Singapore General Hospital, one of the workers has swelling in one ankle while the other has swelling in both ankles. They are expected to be discharged over the next few days.

Acting Manpower Minister Tan Chuan-Jin took a tour of the accident site at Jurong Shipyard on Tuesday to see first-hand the extent of the damage.

Mr Tan said: “The shipyard has assessed the situation and they feel the structure is stable as it is right now… they have sealed off the area so that in case anything untoward happens, there should be no cause of injuries to anyone in that area.

“So the priority right now is to take stock of how exactly you should rectify the physical situation on the ground and importantly to understand where the system did not work as it’s supposed to.”

On Monday, the Ministry of Manpower (MOM) ordered all works at the affected rig to stop.

Mr Tan said Sembcorp Marine is still assessing what steps it should take next to rectify the situation.

He said the Manpower Ministry will work closely with the company.

He also said the next step is to investigate the cause of the incident and see what lessons can be learnt from it.

Investigators will look into areas such as the procedures and processes, and assess if they were effective and had been followed.

They will also find out why the braking mechanism did not work.

Mr Tan said the company has assured him that it will look after all the injured workers and take care of their medical expenses.

Sembcorp Marine said it is also focusing on helping the affected workers.

Mr Wong Weng Sun, President and Chief Executive Officer of Sembcorp Marine, said: “We have set up for them professional psychiatric services and we have also engaged the same services for group discussions and also for individual counselling for those who are still in the hospital.”

The Shipbuilding and Marine Engineering Employees’ Union said it is in touch with the company and workers to see how it can assist them.

It also urged Jurong Shipyard to ensure that such an incident will not happen again.

- CNA/de
 
 
krisluke
    28-Dec-2012 14:00  
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The offshores continue to inch higher yesterday.

Kepcorp continues to seek 11.00 resistance level after it has confirmed its strong support at 10.80 level. It will likely test this resistance level today and attempt to break it.

Sembcorp tried to gain bullish momentum yesterday  by trading above its 200ma line at 5.25 level. Sustaining above this line is important as it will determine if Sembcorp will have the bullish strength to reach out for its next resistance at 5.35 level.

Hence, Sembcorp must stay above 5.25 level today in order to reach that resistance level.

Sembmar also struggled to trade higher yesterday as it is still seeking bullish strength to sustain its upside movement. 4.55 support level will be a strong level to prevent strong retracement happening in Sembmar.

Overall, the offshores’ bullish momentum will likely to continue in a slower and gradual fashion.
 
 
krisluke
    24-Dec-2012 02:16  
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Plan B failed to go through and Dow Jones reacted badly. The reputation of US government is at stake and with Christmas coming up this week, will they work throughout Christmas to get it resolved? Market is holding onto hopes that once it gets through, the bull will continue to push the market higher. How will this events affect Singapore stocks? And will it push the market higher or lower? Which Singapore counters to take note of? Find out what it is in this week video edition.

Please share if you like this Weekly video.

 

 
krisluke
    21-Dec-2012 17:23  
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Sembcorp Marine

Since mid-november 2012, Sembcorp Marine (SembCorp Mar) has been recovering from an oversold position.

The Commodity Channel Index (CCI) (20) and CCI (5) were below -100.

However, it is currently at an overbought position. The resistance is around $4.62. If it breaks above this resistance level , we may see it heading towards $4.80.

Even though the CCI indicates that SembCorp Mar is in an overbought condition, we may see it head towards $4.62 based on its current bullish momentum of the current rally.

One may consider to trade on the breakout above the $4.62 resistance to go long or wait for a pullback when the price is between the 20-and 40-day moving averages (MA) to buy on dips.

Daily Chart on SembCorp Mar

 
 
krisluke
    21-Dec-2012 15:05  
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Most of the offshores were inching higher yesterday in attempt to continue their upside side.

Sembmar managed to stay above its 50ma support line yesterday and could be attempting to break for a higher high as long as it trades above 4.63 level.

Sembcorp also tried to break for a higher high but it is unable to trade above 5.23 level. 200ma resistance line is currently blocking Sembcorp’s incline and Sembcorp might be struggling at this level for a while. The positive thing is that Sembcorp manages to trade above the 50ma line and could be support by it at 5.18 level.

Kepcorp was the only one that slide lower yesterday. Kepcorp is still facing trouble at 11.00 resistance level and is now pulling back to test its support at 10.80. It will continue to test this support before it can gain momentum to break the 11.00 resistance level.

Overall, the offshores could be in consolidation mode before attempting for the upside again.
 
 
krisluke
    21-Dec-2012 02:18  
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Sembcorp Marine ST: bullish bias above 4.3.
Trading Central | 2012-12-17 02:44:00


Update on supports and resistances.

Pivot: 4.3

Our preference: Long positions above 4.3 with targets @ 4.75 & 4.95 in extension.

Alternative scenario: Below 4.3 look for further downside with 4.1 & 3.65 as targets.

Comment: the next resistances are at 4.75 and then at 4.95.

Key levels
5.2
4.95
4.75
4.55 last
4.3
4.1
3.65

Copyright 1999 - 2012 TRADING CENTRAL
 

 
krisluke
    21-Dec-2012 02:09  
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Most of the offshores were able to trade higher yesterday despite bearishness on the previous day.

Sembcorp was able to recover its losses and test its 50ma resistance at 5.20 level again. It will likely to continue to attempt to break this strong resistance in order for it to continue its uptrend formation.

Sembmar had successfully trade slightly above its 50ma line but it is still facing a barrier from 4.60 resistance level. Similar to Sembcorp, Sembmar must surpass this resistance level in order for it to continue its uptrend formation.   

Kepcorp was seen struggling at 11.00 resistance level yesterday as the market still refuses to break this strong resistance level. Its 50 & 200ma support line is still holding Kepcorp well. Kepcorp will likely to continue to trade in this tight range between 10.80 – 11.00 levels.

Overall, the offshores are facing resistance and they might continue to test this resistance today.
 
 
ozone2002
    20-Dec-2012 15:43  
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Semb Mar crawling slowly.....

4.63
 
 
Andrew
    19-Dec-2012 23:31  
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Whatever,  white house and congress is starting to quarrel.

I think I go first. I do expect them to avoid the cliff.

 

 

Good Luck !!!





krisluke      ( Date: 19-Dec-2012 22:49) Posted:



The offshores were trading flat despite bullish opening.

  Kepcorp continues to stay above its support level of 10.80 and it will likely to consolidate over at this level before a clear breakout of resistance can happen.

Sembmar faces strong resistance from its 50ma like at 4.60 level and ended with a bearish shooting star pattern. If Sembmar fails to sustain at current level and close lower than 4.55 today, it will likely to retrace towards its 20ma line at 4.46 level.

Sembcorp suffered strong selling pressure yesterday after testing its 50ma resistance line at 5.20 level. With such bearishness, Sembcorp might head back to its 20ma line at 5.05 level before attempting to break this resistance level.

  Overall, the offshores were facing resistance currently and will likely to consolidate before any breakout can occur.

 
 
krisluke
    19-Dec-2012 22:49  
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The offshores were trading flat despite bullish opening.

  Kepcorp continues to stay above its support level of 10.80 and it will likely to consolidate over at this level before a clear breakout of resistance can happen.

Sembmar faces strong resistance from its 50ma like at 4.60 level and ended with a bearish shooting star pattern. If Sembmar fails to sustain at current level and close lower than 4.55 today, it will likely to retrace towards its 20ma line at 4.46 level.

Sembcorp suffered strong selling pressure yesterday after testing its 50ma resistance line at 5.20 level. With such bearishness, Sembcorp might head back to its 20ma line at 5.05 level before attempting to break this resistance level.

  Overall, the offshores were facing resistance currently and will likely to consolidate before any breakout can occur.
 

 
Andrew
    19-Dec-2012 22:46  
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SOLD ...... 4.61 

Merry Christmas and a Happy New Year !!!


 
 
 
rotiprata
    19-Dec-2012 16:18  
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sorry post wrong...i mean 4.65 take profit
 
 
rutheone1905
    19-Dec-2012 11:59  
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many warrants less then 6.5 i think diff leh.

the best i see is 5.59 (june) 

rotiprata      ( Date: 19-Dec-2012 11:57) Posted:

target 6.5....take profit

 
 
rotiprata
    19-Dec-2012 11:57  
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target 6.5....take profit
 
 
rutheone1905
    19-Dec-2012 10:57  
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still eyeing this burger.....Smiley
 

 
Juzztrade
    18-Dec-2012 10:22  
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Juzz dun know to hold or sell...

Juzztrade      ( Date: 17-Nov-2012 11:02) Posted:



I bought 150 lot @1.55 and sold all when it hit $5.30.  Now waiting the selling to stop and buy again, when  I Chart trigger

a buy signal.  Good luck to all investor.


 
 
WSCCCCCC
    18-Dec-2012 09:21  
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once it cross 4.63, it will flying high...
 
 
rutheone1905
    13-Dec-2012 09:46  
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me waiting for correction b4 enter otherwise a time bomb behind me i find very pressurize  Smiley

me rather no profit then loss 

cheerstan2002      ( Date: 11-Dec-2012 20:23) Posted:



Doji signal today. Good signal since it is at the bottom of the trend signalling that short selling or profit taking probably ending ...

If tmr gap up, it is goging to be powerful...

Cheers to all who have vested ... 

SMM has good fundamental and good order book ...

Good time to accumulate and see the chiong UP!





rutheone1905      ( Date: 11-Dec-2012 13:22) Posted:



i eyeing sembM tooSmiley.

i luv such dip which fundamental still intact, just like singtel recent dip i dive in now waiting Q to sell prior to Exdate.... 


 
 
ozone2002
    13-Dec-2012 08:51  
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latest from Kim Eng

Sembcorp Marine

Acquires site for new yard facility

Entering into Phase II of new yard facility.

acquired a 34.5-ha site at Tuas View South Extension for Phase II

development of its Integrated New Yard Facility. The site would be

leased from Jurong Town Corporation and will be for a period of 30 plus

30 years. Development is expected to be done in stages and over a

period of four to 5 years. Details of the capex plans would be

announced later. We believe that it would likely fund this with debt and

internal funds. Balance sheet and operating cashflow for the company

has always been strong and it was in a net cash position of SGD933m

as at 9M12.Sembcorp Marine has

The proposed new yard development.

announced on 4 Nov 2009 to develop a 206-ha New Yard Facility, over

a period of 16 years and in 3 phases. Phase I comprised of 73.3 ha of

land and is expected to be fully completed by 2014. Two of the four drydocks

for phase I however would be operational from mid-2013. The

initial capex for Phase I was estimated at about SGD750m but we

understand that this is now higher at about SGD900m.Recall that the company

More ship repair capacity.

completed, it has the potential to double its volume of ship repair and

conversion jobs from current levels of about SSG650m p.a to SGD1.1-

1.2b p.a in 2014. As ship repair and conversion jobs typically yield

higher margins, we believe that it would mitigate the potential lower

margins from Petrobras-related jobs. Maintain BUY and target price of

SGD5.60.
When the Phase I docks are fully

 
 
flyersummer
    12-Dec-2012 21:34  
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anybody buy in at 4.13 recently?
 
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