Sembcorp Marine's order book reaches a record $12.6b

Besides Brazil, international enquiries for drillships and semi-subs remain strong, says CIMB.

Here's more from CIMB:

Sembmarine has secured a contract worth US$674m for the construction and integration of eight modules for two Floating Production Storage and Offloading (FPSO) vessels, P-68 and P-71. There is also an option to construct and integrate four modules for an FPSO to be exercised by 1Q14.

Scheduled for completion in 60 months, the P-68 and P-71 will be deployed in the Tupi field offshore Brazil. Both FPSOs will have production capacity of 150,000 bopd.The topside modules are for two of the eight FPSOs being built by the Estalerio yard.

What We Think
The orders are in line with our expectations. We earlier flagged that the trio of Keppel, Sembmarine and Brazil construction firm, Mendes, were in the running for Petrobras’s8-FPSO tender. The reason behind Sembmarine’s lower contract value vs. Keppel's recent US$950m FPSO topside contracts is the difference in their scope of work: Keppel will be constructing and integrating 14 topside modules vs. Sembmarine's eight. Including recent wins, Sembmarine has bagged S$9.1bn of orders to date, jacking up its order book to an unprecedented S$12.6bn.

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