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No worries here. I admit, could have bought at lower price but still, even at 5.00, this is a good value counter.
Look, they made less profit compared to last YTD. But it's still 111 mil profit. And the only reason for this was that there were more deliveries of lower-profit jack-up rigs than semi-sub rigs. This year, going forward, they have 639 m worth of Jack-up rigs to deliver but have also got 1.75 b worth of semi-sub rigs. Which means, by end of the year, the profit ratio will be heavily revised upwards. And don't forget, there is still Petrobas deal that may happen. And that's mega.
Just keep in fridge and do not sell even after dividend paid. I suspect we may see some special div payments as their cash situation is very healthy.
" The market for premium jack-up rigs continues to be active with oil companies
remaining focused on safety and efficiency gains offered by newer and higher
specification units. The Group has since January 2012 secured three units of
high specification jack-up rigs with a total value of US$639.5 million.
With offshore drilling moving towards deeper waters and harsher environment,
we continue to see strong enquiries for semi-submersibles, drillships and
harsh-environment units. Sembcorp Marine with its proven track record and
expertise is well-positioned to leverage on the opportunities in this sector. It
has since January 2012 secured contracts worth a total of US$1.75 billion,
comprising a harsh-environment deepwater semi-submersible rig, a wellintervention
semi-submersible rig and a drillship."
yiming2000 ( Date: 10-May-2012 00:05) Posted:
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You committed suicide here? I bought 10 lots at 5.27 and to get $2000 dividend and quickly dumped it at 5.08. Lost a lttle bit.
What price did you come in when your hand got itchy? How many lots? Sembcorp Marine not a bad as Biosensors where I committed suicide. No BB can manipulate price down with Temasek around. So don't worry too much. Looks like I have to keep my Biosensors in the freezer.
rotijai ( Date: 09-May-2012 16:00) Posted:
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$4 support may be tested soon........
Sembmarine takes a profits hit
Singapore-based offshore fabrication group Sembcorp Marine saw its profit take a tumble in the first quarter but said rig ordering activity remains strong, driven by high oil prices.
The group’s net profit of $113 million was down 25% on the $151 million earned in the same period a year earlier, mainly due to the timing and value of contracts, and a lower initial margin on new design jack-ups relative to work on semi-submersibles with repeat designs, Sembcorp said in a results statement.
However, revenue was up 14% year on year at $943 million, mainly from rig-building, ship conversion and other offshore work.
The group has secured $3 billion in newbuild contracts so far this year, including orders for three high-specification jack-ups worth a total of $639.5 million and three deep-water units with a combined value of $1.75 billion. It currently has a net orderbook of $7.4 billion.
“Despite the mixed global macro-economic outlook, the fundamentals driving the offshore and marine activities remain strong, driven by sustained high oil prices, increased exploration and production spending budgets of oil companies and significant exploration successes in oil and gas finds in recent months in offshore Brazil, East Africa, Gulf of Mexico and the North Sea,” the statement read.
However, it added that “competition remains keen for all segments of our business”
Source: Upstreamonline.com
tat's a mixed news... profit drop but revenue up.. wat a retarded com..
well.. too bad, boarded at the wrong time
let's see wat dj can give us tonight )
ozone2002 ( Date: 09-May-2012 18:03) Posted:
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SINGAPORE - Sembcorp Marine Ltd, the world's second-largest rig builder, reported a 25 per cent drop in first quarter net profit on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.
The company, which competes with the world's largest rig builder Keppel Corp, had net profit of S$113 million (US$90.45 million) for the three months ended March 2012, down from S$151 million a year earlier.
" With offshore drilling moving towards deeper waters and harsher environments, we continue to see strong enquiries for semi-submersibles, drillships and harsh-environment units," the company said in a statement. -- REUTERS
hand a bit itchy.. decided to take a calculated risk bet..
if wrong, just keep in fridge for months..
*dont follow me, prepared to have my $ stuck in this yard :x
from DBS report today
Sembcorp Marine secures US$208m jack-up order.
SMM’s subsidiary, PPL Shipyard, has secured a US$208m
contract to build a Pacific Class 400 jack-up rig, along
with an option for a similar unit, worth US$210m, with
adjustments to certain cost escalations. This contract was
awarded by Perisai (L) Inc, a wholly-owned subsidiary of
Perisai Petroleum Teknologi Bhd. Delivery of this unit is
scheduled for end-July 2014 the option unit, if exercised,
has a delivery date of 2Q 2015.
This order is SMM’s sixth order for the year, and it brings
its FY12 YTD order wins to S$3.0bn, on track to meet our
full-year order wins assumption (ex-Petrobras) of S$6.0
bn. This contract win also marks the eighth pacific Class
400 jack-up ordered since 2010.
Maintain BUY.
for yards could continue to be strong, especially for rigs
intended for deepwater and harsh environment. SMM
remains a leading contender for six Petrobras rigs (worth
up to US$4.8bn, not yet factored in our order-win
assumptions), as well as contracts for the integration of at
least two FPSO projects from Petrobras, each estimated to
be worth > US$500m (refer to our Singapore Rigbuilders
flash note dated 4 May 2012).
May seem that way but after waiting all morning and seeing price raneg bound, and then realising resuts of Q1 to be announced this afternoon, decided to buy in and not wait any longer. Anyway, I ma be wrong and the price may well fall further.
Point is I am buying with my own money and I feel this is good value. Just sharing my moves, not asking you to follow. It really is up to you what you feel is the right price for yourself.
Another thing, I buy to keep. But I will also sell when I see enough profit.
tiancai007 ( Date: 09-May-2012 13:39) Posted:
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GuavaXF30 ( Date: 09-May-2012 12:50) Posted:
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well if sembmar drops further it's an opportunity to buy more at a cheaper price..
fundamentals of the company is intact..they don't change within a day..
only it's price of the stock reflects the sentiment of the market..
and it's up to u to capitalize on the emotions of the market players...
gd luck dyodd.. :)
You may well be right. In the short-term. Pardon the pun.
But Q1 results coming out this afternoon. And longer term prospects are good for rig builders. I was deciding between Keppel and Semb Marine but worked out Semb Marine may have slightly better upside.
Even though price of oil has fallen lately, it will not stay down for long. Make sure you cover your short positions fast.
alexchia01 ( Date: 09-May-2012 12:27) Posted:
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Why Buy?
This is a great shorting point to me.
I just shorted SembMar.
GuavaXF30 ( Date: 09-May-2012 11:37) Posted:
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GuavaXF30 ( Date: 09-May-2012 09:10) Posted:
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ozone2002 ( Date: 09-May-2012 08:54) Posted:
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there's still the chance of further selldown due the margins calls being enforced.
will be looking at grabbing more sembmar if it falls below 4.8
fundamentals still strong for this stock just that market fear is causing the price to fall..
means cheaper price for me to get..
dyodd gd luck :)
Not sure if this is gonna help prices today. Oil price is touching USD 95 now. DOW may have recovered to be down " only" 76 pts but it's still down 76 pts. At one point, it was down about 200 pts.
Hope you managed to get out yesterday.
ozone2002 ( Date: 08-May-2012 18:02) Posted:
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Sembcorp Marine's subsidiary PPL Shipyard has secured a US$208 million contract to construct a Pacific Class 400 jack-up drilling rig Perisai (L) Inc.
The rig of PPL Shipyard proprietary design, is capable of operating in water depths of 400 feet and drilling to depths of 30,000 feet.
The rig's maximum drillcentre is cantilevered at 75 feet aft and it has a derrick hook load capacity of 1.5 million lbs.
It is scheduled for delivery in end July 2014.
Hi ozone2002,
what do you mean by margin calls not over yet???
looks like margin calls not over yet..
selling pressure is strong..