Sembcorp Marine's 2013 order win projected to hit a whopping $4.5b

Thanks to recent hety deals.

According to DMG Research, Helix places USD346m order for semisub well intervention rig. The latest order from Helix lifted SMM’s YTD order wins to SGD3.93bn.

"We estimate its net orderbook at SGD14.8bn, with deliveries extending up to 2019. This is the second well intervention rig Helix is ordering from SMM," DMG Research said.

Here's more from DMG Research:

The DP3 semisub, to be named Q7000, is based on a design jointly developed by SMM and Helix. It is scheduled for delivery in mid-2016.

As SMM’s new order is likely to beat our initial expectation of SGD4.0bn for 2013, we raise our order win forecast to SGD4.5bn, which accordingly results in a 4% upward revision in our FY15F EPS.

The start of operation of SMM’s new yard in Tuas will add significant capacity to the group and drive the next level of productivity gains. The new yard will carry out repair works while the Jurong shipyard will focus on newbuilds.

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