Sembcorp Marine Bags $208M Jackup Deal with Perisai

Sembcorp Marine disclosed late Thursday that its subsidiary, PPL Shipyard, has won a $208 million contract to build a second Pacific Class 400 jackup for Perisai.

Scheduled for delivery in 2Q 2015, the jackup is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. The jackup will be able to accommodate 150 people on board.

Sembcorp Marine delivered its first Pacific Class 400 jackup to Perisai in May last year.

"We are very pleased that Perisai has chosen to order the second Pacific Class jackup with us. This repeat order is a reflection of the optimism that the owner has in the jackup market," PPL Shipyard's Managing Director Douglas Tan said in a statement.

Analysts said this week that the outlook for Sembcorp Marine this year is optimistic.

"We see compounded annual growth rate earnings of 16 percent for Sembcorp Marine over the next three years, supported by its $11 billion orderbook," Maybank Kim Eng said in a research note Wednesday.

DBS Group Research noted Thursday that Sembcorp Marine's performance this year will offset an anticipated performance slack of parent company Sembcorp Industries.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
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Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sembcorp Marine Sees Profit Dip, Admits 2012 is a Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD538 million) and an operating profit of $448 million (SGD554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400’ILC jackup) tilted during a jacking system test on Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine’s $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst, Jason Saw, said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sembcorp Marine Sees Profit Dip, Admits 2012 is a Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD538 million) and an operating profit of $448 million (SGD554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400’ILC jackup) tilted during a jacking system test on Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine’s $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst, Jason Saw, said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine to Build $725M Topside for Ivar Aasen Project

Sembcorp Marine disclosed late Thursday that it build a $725 million (SGD900 million) offshore platform integrated topside, which will be bound for the Ivar Aasen development in the North Sea.

The floating productions unit of Sembcorp Marine, SMOE, inked a letter of intent with Det Norske Oljeselskap (DNO) - a Norwegian exploration and production company - to undertake the engineering, procurement and construction (EPC) work of the topside.

The 13,700 tonne topside, which is designed to house 70 people and to be installed at a water depth of 367 feet (112 meters), will be equipped with a living quarters module and a helideck. It will also include modules for process, gas compression, separation, water injection, flare boom, metering and utilities.

SMOE will start construction in December this year, with sail-away scheduled in March 2016.

The Ivar Aasen project is situated west of the Johan Sverdrup field in the Norwegian Continental Shelf, 112 miles (180 kilometers) west of Stavanger, containing approximately 150 million barrels of oil equivalents. First oil from the project is expected to start in the fourth quarter of 2016. The anticipated life span of Ivar Aasen can reach 20 years.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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