Published:
Brazil order wins for Sembcorp Marine have dried up in 1Q15: analyst
Operating problems will persist.
SembMarine’s recently announced plans to build a new SSCV, which will be the largest of its class in the world.
RHB analysts think this is a welcome diversification, with rigs in oversupply today. However, operating problems in Brazil are likely to persist and order wins have dried up in 1Q15, trimming order win assumptions by $1b.
As semi-submersible platforms are part of SembMarine’s bread-and-butter business, with a number of such rigs under construction today, analysts do not expect a steep learning curve for this modified asset.
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