SG O&M: CS has sector report. Note that Petrobras approves 5yr investment plan of US$225b and believe KepCorp and SembMarine remain well positioned to win significant orders from Petrobras’ re-launched tender for 28 deepwater rigs. Expect both yards to be awarded contracts worth US$7b combined, providing further upside to order forecasts.
With new yards under construction in Brazil, Kepcorp and STX OSV are likely to benefit from increased tendering activity for offshore support vessels built locally. Maintain O/p on Kepcorp (TP $14.60), SMM (TP $6.60) and STX OSV (TP $1.80).
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