Sembcorp Marine: Could see some positive sentiments after co. announced it has secured a US$385.5m contract to build a semi-sub for Helix Energy Solutions grp.
Scheduled for delivery in Jan15, the semi-sub will be built based on Bassoe Tech’s naval architectural design with Helix’s equipment layout. The rig is an efficient purpose designed platform with capabilities to perform a wide variety of conventional and extended activities.
While contract is not expected to have any material impact on the NTA and EPS of grp, we note that contract brings YTD orders secured to $1.7b and grp’s order book to an approximate $5b - $6b. Overall mkts still very positive on stock with 24 Buy Calls and 4 Hold Calls and a mean TP of $5.90.
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