Sembcorp Marine winning streak will continue: DBS

The company is well-positioned to clinch more yard contracts even as it racked up its sixth order for the year.

Here's more from DBS:

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.

We maintain our view that order flows 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).

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