Towards Financial Freedom
SembMarine wins more Oro Negro deals
SembMarine wins more Oro Negro deals. SMM's PPL Shipyard has secured a USD417m (SGD528m) contract from Oro Negro for two Pacific Class 400 jackup rigs. The latest contract will lift its YTD 2013 new orders to SGD3.24bn - representing 81% of our forecast - and net orderbook to SGD15.2bn. We are positive on the new order as SMM is likely to reap better margins from repeat orders. However, we keep our NEUTRAL call on limited upside to our TP. SMM's 16.1x FY13F P/E is reflective of mid-cycle valuations. (OSK|DMG)
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