Check out what's making Sembcorp Marine's pockets fatter

Its net order book is now approximately SGD12.7bn.

According to Nomura, Sembcorp Marine’s subsidiary Jurong Do Brasil has secured a USD674mn FPSO module construction and integration contract from Petrobras and its consortium partners. The contract pertains to FPSOs P-68 and P-71 which will be deployed in the Tupi field offshore Brazil and is scheduled for completion within 60 months.

Here's more from Nomura:

The FPSOs will each have a production capacity of 150,000 bopd. The fabrication of 8 FPSO modules and their integration (4 modules per unit) will be done at SMM’s under construction Estaleiro Jurong Aracruz yard.

In an uncertain macro-environment where new orders for jack-ups and semi-subs have taken a breather, steady new order inflow from Brazil is encouraging and provides earnings visibility, in our view. Note that Keppel also recently announced securing USD950mn worth of FPSO contracts from Petrobras. Excluding Petrobras’ 5 drillship order, SMM has secured new orders worth SGD4.4bn since Jan 2012 with net order book now at an estimated SGD12.7bn (including Petrobras’ 5 drillship order).

Petrobras and their consortium partners have a similar contract option for construction and integration of 4 FPSO modules exercisable within 18 months of contract signing.

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