SembMarine: Annouced that is has clinched a newbuilding and three upgrading contracts worth $215m.The newbuilding contract, worth $123m, was awarded by Teekay Shipping (Australia) Pty Ltd for the engineering, procurement, construction and commissioning (EPCC) of a dynamically positioned blue water research vessel for Australia, slated for delivery in Q2 2013….
The remaining three upgrading contracts worth $92m will involve a heavy-lift and pipelay vessel, a liquefied natural gas carrier longevity project and a drillship…
We note that the order win could possibly already be factored into order wins assumptions by analysts for FY11, and could have neglible impact on today’s share price movement. Co. has a current orderbook of approximately $4.8b and an estimated order win for 2011 (excluding petrobas) at $4.5b….
We note that the order win could possibly already be factored into order wins assumptions by analysts for FY11, and could have neglible impact on today’s share price movement. Co. has a current orderbook of approximately $4.8b and an estimated order win for 2011 (excluding petrobas) at $4.5b….
At current levels, grp trades at 14.4xE FY11 PE vs its historical average of 21.7x, suggesting that valuations are still compelling. Majority of street has Buy Ratings on Stock, with TP ranging from $4.60 - $7.00.
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