SembMarine: in another signal of buoyant O&M activity, Upstream reports that the bids proposed in Statoil’s Category D rig tender have exceeded day rates of US$500k, ~25% higher initially budgeted for, due to higher construction costs and risks tied to building a rig based on a new design...
Seadrill, Transocean, Aker (all existing customers of SMM) are among the 9 contractors participating in the tender; while Jurong Shipyard (owned by SMM), Daewoo Shipbuilding and Samsung Heavy Industries, are among the 3 of 4 pre-qualified yards. Statoil is aiming to award the contracts by end of Sep...
RBS maintains Buy with TP $7, says SMM is in a good position to win the contract. Prefers SMM to KEP (Hold, TP $13.50) as i) SMM is a pure play and tends to Outperform substantially when order momentum improves, ii) SMM has only performed in line with KEP ytd, iii) SMM is more competitive in near-term bids now that KEP’s delivery times are stretched and KEP is citing a shortage of steel pdt supply.
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