SembMarine

SembMarine: Secured a US$208m contract to construct a Pacific Class 400 jack-up drilling rig for Msia co Perisai with option to construct another jack-up rig for delivery in 2Q2015. The option is priced at US$210m. The class is capable of operating in depths of 400 ft and drilling to depths of 30k ft with services for 150 men. The unit is due for delivery in July 2014. This is slightly cheaper compared to its rig for Gulf Drilling which was approx US$218.5m which could drill to depths of 35k ft. Co trades at fwd P/E of 14.7x compared to Kep Corp at 11.8x. YTD orderbook is approx $3.0b vs $3.7b for FY11.