Sembcorp Marine's order book pegged to hit $14.3b

Contract wins are currently $1.7b.

According to CIMB, Sembmarine has secured a repeat order for two jack-up rigs from Mexican Integradora de Servicios Petroleros Oro Negro (Oro Negro) for US$417m or US$208.5m each.

The rigs are capable of operating in 400ft waters with drilling departments of 30,000ft. Deliveries have been scheduled for 4Q14 and 1Q15.

The rigs are priced at 4% discounts to the first two jack-ups ordered by Oro Negro in Nov 12 for US$217m each. This is mainly due to accelerated delivery for the first two: 4Q13 and 1Q14 (12-15 months of construction vs. the normal 18-24 months).

Here's more from CIMB:

The latest rigs are priced closer to recent jack-up rigs awarded to Sembmarine by Perisai Petroleum (US$208m). We believe the current prices for 400-ft jack-up rigs being built in Singapore are US$208m-210m/rig for 2014 and early 2015 delivery.

This is still cheaper than the latest jack-up rigs clinched by Dalian Shipyard from Seadrill at US$230m each, mainly due to heavy-tailed payment terms (up to 95% financing).

We estimate Sembmarine’s order book at S$14.3bn with YTD wins of S$1.7bn or 37% of our S$4.5bn target for 2013.

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