KepCorp/SembMarine: 1st round voting of the Brazil's presidential election failed to produce a clear winner, which could spell further delays in the award of Petrobras' massive rig tender. The incumbent Workers Party's presidential candidate Dilma Rousseff - President Lula's 2-term successor, only managed to garner 47% of the votes cast, short of the majority needed to avoid a runoff with 2nd placed Jose Serra of the Social Democratic Party.
There will now be 4 more weeks of campaigning for a 2nd round of balloting on 31 Oct. Petrobras has delayed the opening of the commercial bids for its 28-rig tender till after the presidential election. Market had earlier expected this to be in early Nov but with no easy victory for the Workers Party, this might now be pushed further back.
Both Kepcorp & Sembcorp Marine are believed to be frontrunners to bag rig contracts from this huge Petrobras tender & any delays will only make it increasingly difficult for them to fill their somewhat thin FY11 orderbooks.
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