Sembcorp Marine’s orderbook YTD now a whopping S$6.6bil

Thanks to its latest S$385.5 million contract from Helix Energy Solutions.

According to Phillip Securities, the rig is scheduled for delivery in January 2015.

What is the news?
Sembcorp Marine announced yesterday that it has secured a US$385.5 million contract from Helix Energy Solutions
Group Inc. to build a semi-submersible well intervention rig. The rig is scheduled for delivery in January 2015 and will have the capability to perform conventional and extended top hold drilling, subsea construction, decommissioning well intervention, coiled tubing operations and twin ROV deployment. It is likely to be deployed in the Gulf of Mexico according to a source quoted on Upstream.

How do we view this?
We welcome news of this award as it expands Sembcorp Marine’s range of semi-subs (other than drilling units and accommodation units) to encompass deepwater well intervention models. We also understand from management that this rig contract will be on a milestone payment basis. This order win has lifted Sembcorp Marine’s current year-todate orderbook to approx. S$6.6bil with total year-to-date order wins of S$1.74 bil.

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