Rigbuilders: According to a Bloomberg article, Grupo BTG Pactual and other investors of Sete Brasil Participacoes SA (Sete Brasil) will meet on 21 Jan and decide whether Sete Brasil will file for bankruptcy protection after oil prices collapsed and it was cited in a sprawling corruption scandal.
Keppel and SMM secured orders for six semi-submersibles and seven drillships respectively from Sete Brasil totalling $6.2b and $7.0b, respectively, in 2011/2012.
Keppel has recognised revenue of approx. $2.0b for the three out of six semi-submersibles, implying $4.2b outstanding orderbook for Sete Brasil
projects.
SMM has recognised revenue of approx. $2.5b for the four out of six drillships, implying $4.5b outstanding orderbook for Sete Brasil projects.
These represents c.38% of their outstanding orderbooks as of end Sept-15 [Keppel: $11.0b; SMM $11.6b].
DBSV reiterates its bearish stance on rigbuilders, with both its Hold rating on Keppel and Fully Valued on SMM under review.
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