Widening corruption probe at Sete-Brasil impairs Sembcorp Marine operations

Order flows likely to slow.

Sembcorp Marine has a net order book of S$12.6b with deliveries till 2019, and about half of this comprises drillships from Brazil.

According to a report by OCBC Investment Research, the widening corruption probe at Sete Brasil is threatening to impair its ability to finance its investments plans, and while existing contracts still seem to be going on, this could impact new project awards from Brazil.

Any more negative news on this front could affect sentiment on Brazil-related plays. On a more positive note, SMM may still see production-related work such as FPSOs and fixed platforms from other parts of the world.

OCBC adds that as oil prices settle lower, producers on the margin are impacted, reducing spending for projects that become uneconomic at the upper end of the cost curve.

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