SMM: Upstream reported this morning that Seadrill has awarded SMM’s Jurong Shipyard with a US$650m contract to build a harsh environment newbuild rig.
There is no formal announcement from SMM yet.
If the true, this order will bring SMM’s ytd order wins to US$2.1b (S$2.6b). This translates to an annualized order run rate of S$10.4b, almost 3x the S$3.7b worth of orders clinched in FY11.
The Street is bullish on this company, with 21 Buys and 4 Holds, with consensus 12mth TP at $5.89.
The stock closed -0.8% at $5.24 yday, and has been flat over the past wk.
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