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Offshore and marine see cyclical upturn in near term, says UOBKH

FRI, JAN 14, 2022 - 4:07 PM

UPDATED SAT, JAN 15, 2022 - 9:19 AM

MEGAN CHEAHmegancheah@sph.com.sg

UOB Kay Hian notes that offshore oil utilisation now exceeds pre-Covid-19 highs, which could result in firmer day rates. This would in turn incentivise rig owners to place new orders.

BLOOMBERG

UOB Kay Hian (UOBKH) has retained its " overweight" call on Singapore' s offshore and marine (O& M) sector as it believes the rig market " turned a corner" in 2021, with higher offshore activity expected in the years ahead.

This is due to oil prices having shot past US$80 a barrel last year, and further projects with demand for production assets appearing to have " meaningful upsides in the next few years" , said the research team in a report on Friday (Jan 14).

Noting that offshore oil utilisation now exceeds pre-Covid-19 highs, UOBKH expects this to result in firmer day rates, which would incentivise rig owners to place new orders.

" Already we have seen firmer rig day rates on a year-on-year basis. We also note that particular regions like Brazil saw utilisation rates exceed 90 per cent in 2021," said the research team.

The team cited independent energy research company Rystad Energy' s prediction that offshore investments in 2022 are set to increase by 7 per cent year on year, from US$145 billion to US$155 billion.

" In addition, we highlight that the US$150 billion of greenfield projects sanctioned in 2021 will likely be repeated in 2022, thus underlining the positive outlook for the offshore marine sector in the short to medium term," it said.

UOBKH views ongoing supply destruction as positive for the industry as it believes the extraction of excess supply should allow utilisation and day rates to firm up.

" Should activity in the oil-and-gas industry strengthen in 2022 and 2023, we could see a cyclical upturn start in the near term," the research house added, underscoring the possibility of a revival in the offshore marine industry.

Singapore' s largest offshore marine company Sembcorp Marine (Sembmarine) received UOBKH' s nod following its S$1.5 billion rights issue in 2021, as the brokerage notes that its risk-reward appears " skewed to the upside" . It also sees Sembmarine as a beneficiary of the upcoming upcycle, as it is Singapore' s largest O& M company.

Other " buy" picks include mainboard-listed Yangzijiang Shipbuilding for possible margin expansions in the coming quarters, as well as Singapore conglomerate Keppel Corporation for potential positive news regarding the merger and divestment of its O& M business unit.

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12-Jan-2022 17:41

Seatrium / Sembmarine_Green is the new gold_a better future

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Delayed, but still very much on the table for a 2022 go ahead.

Rystad still tipping Cambo FPSO contract for 2022 despite project uncertainty

While the future of the divisive Cambo field still hangs in the balance a key contract for the project may soon be allocated.

y Hamish Penman

12/01/2022, 7:30 am

An artist' s impression of the Cambo FPSO.

While the future of the divisive Cambo field still hangs in the balance a key contract for the project may soon be allocated.

Rystad Energy is speculating that a deal to manufacture a floating production storage and offloading (FPSO) vessel could be dished out this year.

According to information from the analyst&rsquo s sources, Cambo operator Siccar Point Energy is &ldquo likely&rdquo to rubber stamp a letter of intent with Sevan SSP, of Norway, for the engineering, procurement and construction (EPC) of the FPSO.

Sevan SSP is a fully-owned subsidiary of Singapore-headquartered shipbuilder Sembcorp Marine.

It is thought that Siccar Point will move on the plans in order to secure capacity in an increasingly constrained FPSO market.

Recent analysis from Rystad predicted that ongoing supply chain concerns will &ldquo test the market&rsquo s ability to take in new contracts&rdquo without delays and cost increases.

Siccar Point pressed pause on the project last month a few days after Shell opted to pull out of the 800 million barrel field.But Rystad says there are compelling reasons for the company to continue with its plans for the project.

A spokesman said: &ldquo Despite Shell&rsquo s exit, the timing of the FPSO contract in 2022 is speculative given information from our sources that Siccar Point is likely to firm up a Letter of Intent of the FPSO EPC award with Sembcorp and Sevan in 2022 to secure capacity in a very tight FPSO market.

&ldquo This and the maturity of the development plans counterbalances the negative impact of Shell&rsquo s decision.&rdquo

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12-Jan-2022 13:54

Seatrium / Sembmarine_Green is the new gold_a better future

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And so, tthe two shall become one (Chagataii and CE_123). ..........and let not men separate.

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11-Jan-2022 18:59

Seatrium / Sembmarine_Green is the new gold_a better future

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Yup, project deliveries converting to liquid cash.

Below is another big step towards being the greenest yard in the world. Green is the new gold.

11 Jan 2022

Taking Another Step Towards a Decarbonised Future: Sembcorp Marine and Partners Attained AIP from ABS to Design an Ammonia Bunkering Vessel

Collaboration to explore viability of ammonia as a marine fuel to pave the way for emission-free shipping in the future

Demonstrates Sembcorp Marine&rsquo s commitment to support the marine industry&rsquo s transition with the provision of innovative and sustainable solutions

Singapore, 11 January 2022 &ndash Sembcorp Marine Ltd. (the &ldquo Company&rdquo , together with its subsidiaries, the &ldquo Group&rdquo ), through its wholly-owned subsidiaries, Sembcorp Marine Integrated Yard Pte. Ltd. (&ldquo SMIY&rdquo ) and LMG Marin AS (&ldquo LMG Marin&rdquo ), together with its partners, Mitsui O.S.K Lines, Ltd, and ITOCHU Corporation, have attained Approval in Principle (&ldquo AIP&rdquo ) from the American Bureau of Shipping (&ldquo ABS&rdquo ) for the conceptual design of an ammonia bunkering vessel.

Leveraging SMIY&rsquo s vast expertise and technological bench strength in the design and construction of marine vessels, as well as LMG Marin&rsquo s cutting-edge design capabilities, the Group designed a NH3 bunkering vessel and provided associated information for a Hazard Identification Study (&ldquo HAZID&rdquo ). Sembcorp Marine, with support from its partners and ABS, carried out a comprehensive HAZID in fulfilment of the AIP application which was also instrumental in the attainment of AIP. The vessel&rsquo s rigorous design took into consideration ammonia&rsquo s toxicity, as well as design input on the cargo containment system and bunkering system from Wartsila Gas Solutions and Trelleborg Westbury/KLAW LNG respectively.

This vessel, if realised, will be the first of its kind bunker vessel. It will also augment Singapore&rsquo s marine decarbonisation efforts with resultant positive impact on the global maritime industry. A successful outcome will support the International Maritime Organization&rsquo s ambition to halve the total annual GHG emissions from international shipping by 2050 compared to 2008 levels.

The Group believes in playing an active part in contributing to decarbonisation in the maritime industry. It has developed a suite of comprehensive Gas Value Chain solutions. Notably, the Group is building a 12,000 m³ LNG (Liquefied Natural Gas) bunkering vessel for Mitsui O.S.K. Once completed, this vessel will be the largest LNG bunkering vessel built in Singapore, complementing Singapore&rsquo s advocacy for decarbonisation and augmenting the development of Singapore&rsquo s ecosystem and infrastructure to support LNG bunkering.

In April 2021, Sembcorp Marine entered into a Memorandum of Understanding with Shell and Penguin International to jointly develop hydrogen as a marine fuel, another first for Singapore as this nation-state continues to champion decarbonisation and emission-free shipping in the future.

Sembcorp Marine President and CEO, Mr Wong Weng Sun, said: &ldquo Sembcorp Marine is delighted to undertake another collaborative effort that has the potential to revolutionise shipping and transportation. This collaboration clearly underpins the Global Centre for Maritime Decarbonisation&rsquo s ongoing pursuit to define the safety and operation envelopes to enable ammonia pilot demonstrations in Singapore.&rdquo

&ldquo We are cognizant that the push to accelerate decarbonisation must be supported by a portfolio of solutions. We are leveraging our proven expertise and differentiated capabilities in the design and fabrication of offshore structures and vessels to support the offshore, marine and energy industries&rsquo mission critical search for viable solutions to reduce their carbon footprint. This joint project is also in line with Sembcorp Marine&rsquo s Sustainability Vision to reduce our carbon footprint.&rdquo

Artist&rsquo s impression of the Ammonia Bunkering Vessel designed by Sembcorp Marine&rsquo s wholly-owned subsidiaries, Sembcorp Marine Integrated Yard and LMG Marin

dcproperty ( Date: 11-Jan-2022 16:08) Posted:

Yes, with the devaluing assets and lawsuit, Keppel can' t fly. It would be win-win situation should Keppel offload KOM to SMM.

The longer merging delay, Keppel price might continue to drop. No point buying Keppel now. SMM is much better bet now. SMM doesn' t have (much) toxic assets. SMM is converting most of the projects into cash now

better ( Date: 11-Jan-2022 15:39) Posted:

Keeper Corp got $3billion worth of finished unsold rigs that are depreciating in value everyday. And of course a US$1billion lawsuit on its neck. That's why dropped from $13 to $5.

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11-Jan-2022 15:39

Seatrium / Sembmarine_Green is the new gold_a better future

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Keeper Corp got $3billion worth of finished unsold rigs that are depreciating in value everyday. And of course a US$1billion lawsuit on its neck. That's why dropped from $13 to $5.

Chagataii ( Date: 11-Jan-2022 13:31) Posted:

Kep Corp is undervalued Semb Corp is over valued

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11-Jan-2022 15:34

Seatrium / Sembmarine_Green is the new gold_a better future

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That is pretty wishful thinking. You must think Tenssek, who owns 55% of SCM, is a carrot head.

Chagataii ( Date: 11-Jan-2022 13:33) Posted:

Buy Kep Corp also will get lelong Sembmarine shares

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11-Jan-2022 11:43

Seatrium / Sembmarine_Green is the new gold_a better future

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You are the only expert here. 😂

chart_expert123 ( Date: 11-Jan-2022 10:34) Posted:

So you are the guru right!!!! Gurus all are here!!!!

dcproperty ( Date: 11-Jan-2022 09:49) Posted:

The role of the journalist is to report facts. Not supposed give their own comments or interpretations. They are not in guru roles.

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11-Jan-2022 09:09

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SCM is among UOB Jan top picks:

Sembcorp Marine (SGX:S51) &ndash BUY (Adrian Loh)

An improved financial position post S$1.5b capital-raising that was
completed in Sep21. On its 3Q21 business update call, Sembcorp Marine
(SGX:S51)&rsquo s management commented that it has a relatively strong liquidity
position with its gearing at 0.4x as at end-3Q21. Importantly, the capital-raising
proceeds can be used more ably to execute and complete the projects as well
as for working capital needs for new orders and projects. Sembcorp
Marine does not expect any more capital raisings given that its banks can see
that the overall industry is improving and that the company is transitioning well
into renewables.

New order flow enquiries have improved, so from management&rsquo s
standpoint as well as ours, 2022 will be much better than 2021. At
present, Sembcorp Marine is working on tenders worth in excess of US$10b and
commented that its addressable market has improved tremendously. In
addition, we highlight that its repairs and upgrades segment saw a sequentially
higher volume of business in 3Q21 and this should continue over the coming
quarters.

Maintain BUY with a target price of S$0.11. Our target price for Sembcorp
Marine is based on a target multiple of 0.74x which is pegged to our 2022
estimated book value per share of S$0.14. Our target P/B multiple is at a 30%
discount to the company&rsquo s past-five-year average P/B of 1.07x. In our view, we
believe this discount is a reasonable reflection of the industry risks
that Sembcorp Marine faces in at least the next 12 months. With its S$1.5b
rights issue completed, and with Temasek&rsquo s mandatory general offer at
S$0.08/share having lapsed in early-Nov 21, we believe that much of the
corporate-level risk has dissipated and there is very limited downside at the
current Sembcorp Marine share price.

Sembcorp Marine (SGX:S51) &ndash BUY (Adrian Loh)
Events:
New orders for rigs, offshore renewable installations or fabrication
works.
Merger or JVs with other shipyards.
Timeline: 3-6 months.

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11-Jan-2022 00:42

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Sembcorp Marine Completes Final Delivery of Tyra West Topside Modules and Bridges for the Tyra Redevelopment Project

Completion of Tyra West facilities, which include two wellhead topsides, one riser topside and two bridges, mirrors earlier success achieved for the Tyra East facilities &ndash further affirming Sembcorp Marine&rsquo s offshore fabrication expertise

Achievement of production milestones, despite COVID-19 challenges, for both phases of TotalEnergies&rsquo and Danish Underground Consortium s Tyra Redevelopment Project demonstrates Sembcorp Marine&rsquo s operational resilience, flexibility and capabilities

Singapore, 10 January 2022 &ndash Sembcorp Marine Ltd. (the &ldquo Company&rdquo , together with its subsidiaries, the &ldquo Group&rdquo ) has successfully delivered two wellhead topsides, one riser topside and two bridges (&ldquo modules and bridges&rdquo ) to TotalEnergies EP Denmark (&ldquo TotalEnergies&rdquo ) and the Danish Underground Consortium (&ldquo DUC&rdquo ) for the Tyra Field in the Danish North Sea. TotalEnergies operates the Tyra Field on behalf of the DUC &ndash a partnership consisting of TotalEnergies (43.2 percent), Noreco (36.8 percent) and Nordsoefonden (20 percent).

The sailaway of the Tyra West modules and bridges from Sembcorp Marine Admiralty Yard today marks the second and final phase of the Group&rsquo s project undertaking for TotalEnergies and DUC&rsquo s Tyra Redevelopment Project.

The Group completed the first phase of the project last year, with the sailaway of the Tyra East modules and bridges in July 2021. The two wellhead topsides, one riser topside and two bridges are currently being hooked-up and commissioned onsite at the Tyra East Redevelopment Field.

Including the latest deliveries, the Group has completed a total of four wellhead topsides, two riser topsides and four bridges for the Tyra Redevelopment Project.

The successful completion of the modules and bridges, amid unprecedented COVID-19 challenges, affirms the Group&rsquo s operational resilience, flexibility and capabilities. Sembcorp Marine was able to leverage its global supply chain and logistics networks to achieve its customer&rsquo s production milestones and meet exacting quality, safety, health and environmental requirements.

Sembcorp Marine is pleased to have contributed to the redevelopment of Tyra&rsquo s energy infrastructure &ndash envisioned to be a high-tech production and natural gas export hub over the next 25 years to support the operators&rsquo pursuit of making their operations more sustainable.

Sembcorp Marine Head of Offshore Platforms, Mr Samuel Wong, said, &ldquo We are very pleased to complete the final phase of our project for TotalEnergies and DUCs Tyra Redevelopment. We are heartened by the close collaboration with TotalEnergies. Since the award of the contract in 2019, we have worked as one team and in even tighter partnership to overcome and rise above the challenges brought on by the COVID-19 pandemic. Thank you for entrusting Sembcorp Marine with Tyra and the continued confidence in the Group. Today, we celebrate a significant milestone with the sailaway of the remaining modules and bridges.&rdquo

Head of Tyra Redevelopment for TotalEnergies said, &ldquo Today we celebrate the sailaway of the Tyra West facilities towards the North Sea. This is a key step forward for the Tyra Redevelopment Project and marks another successful conclusion to the long collaboration TotalEnergies has with Sembcorp Marine. The Sembcorp Marine and TotalEnergies teams deserve my appreciation as they&rsquo ve stayed relentless, committed and resilient to deliver six production topsides and four bridges according to agreed schedule despite constant challenges in a COVID-19 pandemic environment.&rdquo

Reading the delivery comments for Shell Vito and TotalEnergies Tyra, you can' t help but feel that they are digging at Equnior for not being collaborative in the Johan Castberg project, expecting Sembmarine to do the work (design and schematics of the hull) that should be provided by Equnior in the first place since they are fabricating the topsides at Norway.

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10-Jan-2022 17:05

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Sailaway: the topsides destined for the major redevelopment of TotalEnergies' Tyra gas field offshore Denmark have departed Sembcorp Marine in SingaporePhoto: NORECO

Topsides trio leave Singapore for Tyra field offshore Denmark

Three structures for major gas field redevelopment depart Sembcorp Marine for North Sea

Sembmarine delivered the remaining Tyra topsides (First batch delivered last July) to TotalEnergies on schedule. This is another high priority project as Sembmarine is trying to win something else from Total. The manpower freed up can then focus on Gallaf Batch 2 and Pluto Train 2.

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08-Jan-2022 01:35

Seatrium / Sembmarine_Green is the new gold_a better future

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Finally, good riddance.

www.youtube.com/watch?v=cE9-JnW-pfc

With the delivery of Johan Castberg, more manpower will be freed up to work on the high priority projects like Shell Whale and the 2 drillships.

Also, SCM' s repair and upgrade division seems to be doing brisk biz. These smaller but more numerous repair/ upgrade/ conversion/ retrofit projects tend to have much better margins than the mega ones. So more manpower can be diverted to the repair/ upgrade projects like the 2 cruise ships (Royal Caribbean Cruise Line' s Royal Princess and Windstar Cruises' Wind Spirit) they are working on right now.

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07-Jan-2022 17:45

Seatrium / Sembmarine_Green is the new gold_a better future

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He is no longer Chagatai but has transformed to Chagataii.

If you have not realised, Chagatai, Chagataii and Starship is One. The highest compliment I can pay them is that they are working for the runner of the runner of the runner of the Shortist or Wall Street shark who is holding about 1-2 billion SCM shares short by borrowing scripts from brokers to sell during the June to Sept window.

In Chinese, he is called " Wu Jian Dao"

pkli899 ( Date: 07-Jan-2022 16:54) Posted:

Strangely, Chagataii became pessimistic.
I thought he also holding quite alot.
If so, please stay positive.....at least cautiously.

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07-Jan-2022 11:59

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Who just bought 20 million at 8.4 cents? Is it one of the forumers here??

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06-Jan-2022 23:39

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Keppel OM and SCM are leaders in Jack-up rigs and Semisubmersibles.

Large floating production units are usually built by the Korean yards. Keppel OM has much experience integrating the topsides of FPSO, but not building it from scratch.

naoshingo ( Date: 06-Jan-2022 22:46) Posted:

I am definitely not an expert.
However, I would expect the world' s no.#2 rig builder should be able to build FPU.
Didn' t think that Koreans have caught up and is more superior....

better ( Date: 06-Jan-2022 22:28) Posted:

Most importantly, this project is delivered on time (after the first schedule amendment), likely because it was given top priority by SCM mgt.

Sembcorp Marine Delivers Vito Floater to Shell

OE Staff January 6, 2022

Photo: SCM

Singapore' s Sembcorp Marine said Thursday it had completed the construction of the Vito floating production facility, bound for deployment in the U.S. Gulf of Mexico for Shell.

The integration of Vito&rsquo s topside structure with its hull was executed by a pair of goliath cranes with 30,000-tonne combined lifting capacity and 100-meter hook height in Tuas Boulevard Yard in Singapore.

" The yard&rsquo s ability to perform this type of mega-block lifting enabled the Vito topsides and living quarters to be fabricated and assembled at ground level to minimize work-at-height risks, before integration with the four-column FPU hull in a single lift," Sembcorp Marine said.

The Vito FPU was delivered to Shell on December 27, 2021, and the platform departed Tuas Boulevard Yard for Singapore&rsquo s anchorage to prepare for loadout and its sailaway to the Gulf of Mexico in the United States.

Vito will be Shell&rsquo s 11th deep-water project in the area, and will be located 240 kilometers (150 miles) southeast of New Orleans, in a water depth of 1,219 meters (4,000 feet). The platform will produce 100,000 barrels of oil equivalent (boe) per day at peak production.

Photo: SCM

Wong Weng Sun, Sembcorp Marine President & CEO, said: &ldquo The successful construction and delivery of Vito FPU is a key milestone in our newbuilding track record and a testament to Sembcorp Marine&rsquo s proven expertise and differentiated capabilities in the construction of turnkey projects for the offshore, marine and energy industries. We would like to thank Shell for their strong teamwork and steadfast support in overcoming the challenges and constraints brought on by COVID-19. We look forward to continuing this partnership with Shell for the Whale Host Facility (WHF).&rdquo

Sembcorp Marine is currently building a second FPU project for Shell, involving the fabrication and integration of the FPU topsides, living quarters, and hull, for the Whale development located in the United States Gulf of Mexico.

The Whale floating production unit will, when it comes to the hull, be a 99% replica of the Vito project. The topside will be an 80% replication of the topsides from Vito.

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06-Jan-2022 23:22

Seatrium / Sembmarine_Green is the new gold_a better future

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Hey Starship, it is not proven in the last 3 months.

Chagataii ( Date: 06-Jan-2022 22:59) Posted:

Caution wait Low can go lower this has been proven many times

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06-Jan-2022 23:20

Seatrium / SEMBMARINE - A NEW CHAPTER - DEMERGED

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Hey ICXGOLD, would you like to join us at the new Sembmarine thread " Green is the new gold" ?

ICXGOLD ( Date: 06-Jan-2022 23:14) Posted:

Sembcorp Marine Delivers Vito Floater to Shell Singapore's Sembcorp Marine said Thursday it had completed the construction of the Vito floating production facility, bound for deployment in the U.S. Gulf of Mexico for Shell. The integration of Vito?s topside structure with its hull was executed by a pair of goliath cranes with 30,000-tonne combined lifting capacity and 100-meter hook height in Tuas Boulevard Yard in Singapore. "The yard?s ability to perform this type of mega-block lifting enabled the Vito topsides and living quarters to be fabricated and assembled at ground level to minimize work-at-height risks, before integration with the four-column FPU hull in a single lift," Sembcorp Marine said. The Vito FPU was delivered to Shell on December 27, 2021, and the platform departed Tuas Boulevard Yard for Singapore?s anchorage to prepare for loadout and its sailaway to the Gulf of Mexico in the United States.

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06-Jan-2022 22:28

Seatrium / Sembmarine_Green is the new gold_a better future

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Most importantly, this project is delivered on time (after the first schedule amendment), likely because it was given top priority by SCM mgt.

Sembcorp Marine Delivers Vito Floater to Shell

OE Staff January 6, 2022

Photo: SCM

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06-Jan-2022 22:15

Seatrium / Sembmarine_Green is the new gold_a better future

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The merger is not likely to happen until SCM is at least 20 cents...

The key point is " First Floating Production Unit Newbuild" . So far, only the 3 Korean yards (Hyundai, Samsung and Daewoo) had built new Floating Production unit from scratch. An important barometer to be a tier one yard.

Wait for Straits Times and BT to report tomo. They have been very SCM friendly of late.

naoshingo ( Date: 06-Jan-2022 21:24) Posted:

Very interesting that the Comms team still do this.
Because if the merger going to take place, I think company name change is inevitable.then I'm unsure if the whole newsletter layout has to change..as new name will have new logo and color schemw..just my speculation.

better ( Date: 06-Jan-2022 19:32) Posted:

www.sembmarine.com/scm2016/wp-content/uploads/2021/12/Dolphin_December-2021_FA_highres_1.pdf

For those interested about the deals SCM secured in the last few months, can read their Dec publication

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06-Jan-2022 19:32

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www.sembmarine.com/scm2016/wp-content/uploads/2021/12/Dolphin_December-2021_FA_highres_1.pdf

For those interested about the deals SCM secured in the last few months, can read their Dec publication.

naoshingo ( Date: 06-Jan-2022 18:55) Posted:

I think the sub-headline could be from the new ID, Patrick Daniel

Vito Regional Production Facility (Vito RPF) &ndash the first Floating Production Unit (&ldquo FPU&rdquo ) newbuild delivery by Sembcorp Marine &ndash is a further testament to the Group&rsquo s proven capabilities in the turnkey construction of offshore projects The integration of Vito&rsquo s RPF topside structure with its hull was performed safely and efficiently in a single lift &ndash enabled by Tuas Boulevard Yard&rsquo s gamechanging 30,000-tonne lifting capacity goliath cranes

bystander1965 ( Date: 06-Jan-2022 17:25) Posted:

Sembcorp Marine Completes First Floating Production Unit
Newbuild - the Vito Regional Production Facility

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06-Jan-2022 17:38

Seatrium / Sembmarine_Green is the new gold_a better future

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Ka-Ching! Can hear the sound of the money collected for this mega delivery.

Johan Castberg and Formosa 2 coming right up.

bystander1965 ( Date: 06-Jan-2022 17:25) Posted:

Sembcorp Marine Completes First Floating Production Unit
Newbuild - the Vito Regional Production Facility

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Offshore and marine see cyclical upturn in near term, says UOBKH

Delayed, but still very much on the table for a 2022 go ahead. Rystad still tipping Cambo FPSO contract for 2022 despite project uncertainty

Taking Another Step Towards a Decarbonised Future: Sembcorp Marine and Partners Attained AIP from ABS to Design an Ammonia Bunkering Vessel

The role of the journalist is to report facts. Not supposed give their own comments or interpretations. They are not in guru roles.

Sembcorp Marine Completes Final Delivery of Tyra West Topside Modules and Bridges for the Tyra Redevelopment Project

Topsides trio leave Singapore for Tyra field offshore Denmark

Sembcorp Marine Delivers Vito Floater to Shell

Sembcorp Marine Delivers Vito Floater to Shell

Delayed, but still very much on the table for a 2022 go ahead.

Rystad still tipping Cambo FPSO contract for 2022 despite project uncertainty