Rigbuilders: First cancellation for Korean shipbuilder DSME
Korean shipbuilder Daewoo cited that one of its clients, Vantage Drilling has cancelled a drillship order after failing to pay its instalment.
This is probably the first cancellation for an established yard.
While Vantage is not a customer of Keppel and Sembcorp Marine, Maybank-KE reckons that the incident may not be the first and the last to occur if the downturn drags on.
The house reiterates its thesis to avoid rigbuilders for now. Maybank-KE has a Sell rating on Sembcorp Marine (TP: $2.00) and Hold on Keppel Corp (TP: $7.80).
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