Singapore Stock Market News
Vard Holdings - Deepwater Becoming Marginalised
StockFanatic
Publish date: Tue, 04 Aug 2015, 01:41 PM
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We expect shale oil all-in production costs to fall below that of ultradeep water on the global marginal cost curve, which makes the latter the highest-cost marginal producer in demand. Maintain SELL, with a lower SGD0.36 TP (21% downside, from SGD0.47) based on 0.6x P/BV. The economics suggest a prolonged period of asset price depression, asset under-utilisation and low global order flows as oil majors freeze (ultra)deepwater projects in favour of onshore/shallow-water ones.
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