x 0

In the words, not your run of the mill shortist. But professional shortist of the highest calibre with the support of the printing press and algorithm trading program.

better ( Date: 25-Oct-2021 11:44) Posted:

The bearish forumers here are not the shortist. At best, they are the runners for the shirtist. The shortist is likely from Wall Street in the category if Goldman Sach, Jp Morgan etc Their short position is likely in the range 1-2 billion shares. They are likely the same people that are shorting KC and previously SPH.

dcproperty ( Date: 25-Oct-2021 10:40) Posted:

My personal thoughts:-
TH won' t privatise sembmarine. If TH has been actively buying, we won' t see 0.079 now. The fact we see 0.079 is that TH has not been buying at 0.08. There again, if TH wanna buy cheap at 0.079 or lower, they would have to revise their price by law.

To those shortlists and keep talking about 0.07, 0.05, 3rd rights issue etc. Please just admin you are holding on to big, huge short positions. Nothing wrong to short. I short occasionally too. But on one hand, you are saying TH is crossing 50% on 3rd Nov, and on the other hand, you are willing buy cheap at 0.05 apiece is cheating yourselves (yourself). If truly TH crosses 50%, where got chance for you to buy at 0.05. Again if TH crosses 50%, it got nothing for you if there are 3rd or 4th rights issues. It would be privatised by then

We know from Sembmarine' s clarification on Johan Castberg hull project, it means at any point of time, Sembmarine will be announcing project completion for Johan Castberg hull. It is potential cash inflow for sembmarine. Even if you believe Sembmarine is making a loss, it would be potential a stop on cash outflow for Johan Castberg hull project, a potential improving of balance sheet.

Of course, if you don' t hold on buy or sell positions, it would be good for you to leave this forum then fluctuating here. Good for your soul then throw your angers here. Cover short positions now before big announcement. Prices will surge if there is announcement, even Johan Castberg hull project is not making money
We are here to make money, exchange thoughts, unless you are BB(s) or fund manager(s), just to mess up retailers.

x 0

The bearish forumers here are not the shortist. At best, they are the runners for the shirtist. The shortist is likely from Wall Street in the category if Goldman Sach, Jp Morgan etc Their short position is likely in the range 1-2 billion shares. They are likely the same people that are shorting KC and previously SPH.

dcproperty ( Date: 25-Oct-2021 10:40) Posted:

My personal thoughts:-
TH won' t privatise sembmarine. If TH has been actively buying, we won' t see 0.079 now. The fact we see 0.079 is that TH has not been buying at 0.08. There again, if TH wanna buy cheap at 0.079 or lower, they would have to revise their price by law.

To those shortlists and keep talking about 0.07, 0.05, 3rd rights issue etc. Please just admin you are holding on to big, huge short positions. Nothing wrong to short. I short occasionally too. But on one hand, you are saying TH is crossing 50% on 3rd Nov, and on the other hand, you are willing buy cheap at 0.05 apiece is cheating yourselves (yourself). If truly TH crosses 50%, where got chance for you to buy at 0.05. Again if TH crosses 50%, it got nothing for you if there are 3rd or 4th rights issues. It would be privatised by then

We know from Sembmarine' s clarification on Johan Castberg hull project, it means at any point of time, Sembmarine will be announcing project completion for Johan Castberg hull. It is potential cash inflow for sembmarine. Even if you believe Sembmarine is making a loss, it would be potential a stop on cash outflow for Johan Castberg hull project, a potential improving of balance sheet.

Of course, if you don' t hold on buy or sell positions, it would be good for you to leave this forum then fluctuating here. Good for your soul then throw your angers here. Cover short positions now before big announcement. Prices will surge if there is announcement, even Johan Castberg hull project is not making money
We are here to make money, exchange thoughts, unless you are BB(s) or fund manager(s), just to mess up retailers.

ckmpd1 ( Date: 25-Oct-2021 10:25) Posted:

good to have different opinions. let us see how things evolve in the next few months

x 0

Thanks ahbui8, but I won' t be right for long.

The " SCM sure going to 5 cents" quartet is going to wake up at 7am tomo to tell me how wrong or disgusting I am.

ahbui8 ( Date: 24-Oct-2021 21:25) Posted:

SCM release Clarifications relating to Media Reports on the Johan Castberg Project.

Better info is correct

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I did not comment much specifically about the Johan Castberg project and neither is it of much interest to me.

What I did commented was that a number of key projects would be completed in 2021 which will be hugely cashflow positive. The subsequent project delays due to shortage of labour and the delta variant was indeed beyond my expectation.

The subsequent blackmail by Transocean for a $620 mil yard financing and a lender calling for immediate repayment of a S$430 mil loan instead of rolling it over, hence resulting in the need of a 2nd rights issue, was also totally beyond of my expectation.

But it does seem that Johan Castberg is going to be shipped out by 2021 afterall.

Hawker80 ( Date: 24-Oct-2021 22:27) Posted:

Better said on October 2020 , and December 2020

Quoted

Johan is fully profitable , progress is good , can get full cash flow , no further delay of project .

Please buy smm share before sold out at 20 cents , we will not see this price anymore .

On February 2021

Better said again Johan progress on time , cash coming in from Johan , price will go 25 cents ? Daily purchase program

Unquote

And not you said better info is correct

ahbui8 ( Date: 24-Oct-2021 21:25) Posted:

SCM release Clarifications relating to Media Reports on the Johan Castberg Project.

Better info is correct

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Please enlighten me what are the other factors beside the contribution of the project manager in managing the project?

What many forumers here are saying is that SCM' s senior management is incompetent because they did not fire the Jiat liao bee project managers or even over paying them, which resulted in cost overrun and late deliveries. What do you have to say to that?

In other words, they are saying the senior management hire the wrong people to work for the company. Do you agree?

Hawker80 ( Date: 24-Oct-2021 20:56) Posted:

to answer to your question fairly..
SMM project managers are still capable of doing the jobs, if not they should have already been fired.
The differences are Keppel maybe be delivering projects with better KPI, which might came from alot of different factors. For instance, if a keppel manager come and work in SMM. he should face the same problem as well.

So it does not justify that they should be better off being managed by Keppel.

better ( Date: 24-Oct-2021 20:11) Posted:

Just curious Hawker80, from an insider' s perspective as a SCM' s project manager, do you agree with the view of many forumers here that SCM' s project managers are junk, incompetent and Jiat liao bee and they should be better off being managed by the superior Keppel OM' s project managers

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Just curious Hawker80, from an insider' s perspective as a SCM' s project manager, do you agree with the view of many forumers here that SCM' s project managers are junk, incompetent and Jiat liao bee and they should be better off being managed by the superior Keppel OM' s project managers?

Hawker80 ( Date: 24-Oct-2021 16:14) Posted:

My apology . I didn?t know you are new here , and I should had explained specifically to you why my reaction so big

1. As mentioned to the group back in sept 2020 , I am working in SMM in project management role till present .

2. I realised better comment about on going projects were not correct back then in 2020 . So I started reply to his comment based on what I know .

3. He deny my reply and said that I am wrong . Anyways guys , know think back about cambo , karish , Johan ? and compared my statement and better statement again .. which one is correct ?

4. And for the past year , based on his reported number of shares that he buy , he is probably in the top 100 share holder ? check the table now , is he in ?

5. So back to your question . I did not follow him to buy . Infact , he is trying to make a lot of self claim and not correct statement all over again .. as an employee of smm, I feel embarrassed

stanleytay ( Date: 24-Oct-2021 16:01) Posted:

My only question to you is.. since your reaction to Better's comments is so big. Did you listen to him and buy SMM?

x 0

Sneaky bear is no longer sneaky.

Starship ( Date: 23-Oct-2021 23:33) Posted:

It' s always best to exit via the open market rather than accept the Offer,
First, there' s always the risk of uncertainty caused by developments in the offer, reulting in anxiety day anf night.
2nd, yr money is held in limbo when it could be deployed elsewhere for better returns when opportunity arises.
3rd, the agonising long wait for the deal to be completed and the monies deposited into our bank, causing sleepless nights. An example is the Accordia Gold Trust deal where we had to wait more than 6 mths after the deal was completed before the Residual Distribution was carried out and the stock was de-listed. And during those 6 mths, we had to witness the funds being eroded fm the monthly expenditures by the Trust Manager.

lukewong82 ( Date: 23-Oct-2021 23:11) Posted:

Quote: The offer is conditional on receiving valid acceptances taking the Temasek subsidiary& rsquo s shareholding to exceed 50 percent, and if that threshold isn& rsquo t reached, the offer will lapse, the filing said. If the offer does become unconditional, with acceptances taking Startree& rsquo s holding above 50 percent, the closing date will not be extended, the filing said.

But Startree added that if its holding of SembMarine reaches 90 percent or higher under the offer & mdash a level which would cause the shares to be suspended due to failure to meet the free float requirement & mdash it would reserve the right to re-evaluate its position and wouldn& rsquo t give assurance it would take steps to maintain the listing status.

If an acquirer& rsquo s stake in a listed company reaches 90 percent, it can compulsorily acquire the remaining shares at the offer price rather than restore the free float to maintain the listing.

The offer is conditional. So it means there is a risk that TM does not get over 50% and the offer will lapse. So if that happens, then even if u already submitted the letter saying u want to sell to them at 8 cents, it will be rejected and ur offer to sell them becomes void. AND if the market price drops to 7 cents, u will bang the wall lo.. So some ppl dun want to take the risk, they rather lose 0.1 cent now and sell at 7.9 cents because they have a feeling after the results of the acceptance is annouced the share price may dropped to 7 cents for example and the TM does not cross the 50% then they will lose even more , a loss of 1 cent if they sell at 7 cents as their offer to sell to TM at 8 cents becomes void.

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Astute observation!

shortyboy ( Date: 23-Oct-2021 21:30) Posted:

If u guys observed all this several familiar nicks will start posting around same time everyday. Its the same guy whom create several nick name to post msgs. Poor fellow wake up early to use several different nicks to post. He is indeed very hardworking im impressed n salute him. 1 person mindset doesnt reflect all investors mindset

x 0

Good question. That' s because of a big problem that Keppel OM has.

Keppel OM has in its balance sheet $2.6 billion (contract asset) worth of completed or almost completed jack up rigs that they cannot offload. They were building all these rigs until recently that will be stucked least until at least 2023. According to their disclosure, $1.65 billion of it has higher counter-party risks.

From Keppel financial statement: Contract assets relating to certain rigbuilding contracts where the scheduled dates of the rigs have been deferred and have higher counter-party risks amounted to $1,653,547,000

All the extra manpower that were deployed previously to build those rigs that they cannot sell can now be assigned to other projects.

Keppel OM also provided yard financing of $875mil to offloading some of their rigs previously. And also extended a $155 mil loan to its subsidiary Floatel

Keppel: Trade receivables are related to financing arrangements for delivered rigs where the Group has retained title. $369,508,000 (2019: $125,444,000) is due from one customer and bears floating interest at LIBOR plus a margin, and repayable in 2024 and 2025. The remainder is due from another customer, bears fixed interest and repayable in February 2024, December 2029 and on demand. The customer has options for early repayment. During the year, the Group recognised an expected credit loss allowance of $169,611,000 (2019: $nil) on the trade receivables as detailed in Note 2.28(b)(ii). As at 1 January 2019, the Group did not have a long term trade receivables balance

In 2019, included in the other receivables is an unsecured, interest-bearing US Dollar loan amounting to $155,425,000 which is repayable in 2025 by Floatel International Limited, an associated company. During the financial year ended 31 December 2020, this loan was reclassified to investment in associated company as it is considered as part of the Group&rsquo s net investment in Floatel, as disclosed in Note 10(f

Comparatively, Sembmarine is in a much better cashflow situation as it will be offloading close to $1bil of contract asset (the 2 drillships) to Transocean in a couple of months time, collecting S$540 mil in cash and extendiing a S$620 mil yard financing to them. Also, In Feb 2023, SCM is due to collect about $1.1 billion from Borr drilling for the yard financing of the 9 jack up rigs sold in 2018.

naoshingo ( Date: 23-Oct-2021 18:28) Posted:

BRo Better, can share your thoughts why KC doesn't seem to have manpower issue?

better ( Date: 23-Oct-2021 18:17) Posted:

Good news for resolving worker shortage.

x 0

Good news for resolving worker shortage.

honesty ( Date: 23-Oct-2021 17:13) Posted:

shooting up leow, more workers will be working at SMM yard next 2 weeks. hold for more value

From 11.59pm on Oct 26, travellers with a 14-day travel history to Bangladesh, India, Myanmar, Nepal, Pakistan and Sri Lanka, prior to departure to Singapore will be allowed to enter or transit through the country again

x 0

https://www.youtube.com/watch?v=XaWU1CmrJNc

The Pirates who don' t do anything.

better ( Date: 23-Oct-2021 15:05) Posted:

Indeed, this is a room full of keyboard generals who know everything but don' t do anything. Neither buy nor sell.

Just like the Veggie tales' pirates who don' t do anything.

ttbanthony ( Date: 23-Oct-2021 12:50) Posted:

Logged out and plan to go for porridge till I saw your post. Can t help but be back to support you.

Yes, ALL naysayers, please SELL or SHORT BIG TIME and DON be a PAPER TIGER OR KEYBOARD GENERALS.

I am a believer like Stanley.

0.124 is my target before cny

x 0

I am planning to buy a bunch sometime next week at hopefully 8 cents to see who the Shortist are working with.

Exciting to see what cards my poker opponent is holding.

Chagatai ( Date: 23-Oct-2021 15:38) Posted:

I also get sad 😞 sometimes see the share price plunge then I start talking about charcoal etc.. so the main thing is eventually let everyone go thru all the pro and cons and then decide how best to extract the best value from SMM. SMM will not perish so I am deciding to wait at 5c or below then I Top Up. I hope I did not offend anyone here I Wish You All The Best HUAT in time to come Blessed and Soon

x 0

Substation, Wind Turbine Foundations Installed at Ø rsted' s Hornsea Two Wind Farm Site

October 22, 2021

Credit: Ø rsted

Offshore wind farm development giant Ø rsted has completed the installation of the Hornsea Two wind farm offshore substation and all 165 wind turbine foundations in the North Sea, 89 km off the Yorkshire coast.

Dutch offshore installation contractor Heerema Marine Contractors was responsible for the substation installation. It used its giant crane vessel Sleipnir for the operation. According to Ø rsted, the Hornsea offshore substation is the world&rsquo s largest AC offshore substation weighing around 8,000 tonnes.

Hornsea II Substation installed. Money collected.

x 0

Indeed, this is a room full of keyboard generals who know everything but don' t do anything. Neither buy nor sell.

Just like the Veggie tales' pirates who don' t do anything.

ttbanthony ( Date: 23-Oct-2021 12:50) Posted:

Logged out and plan to go for porridge till I saw your post. Can t help but be back to support you.

Yes, ALL naysayers, please SELL or SHORT BIG TIME and DON be a PAPER TIGER OR KEYBOARD GENERALS.

I am a believer like Stanley.

0.124 is my target before cny.

stanleytay ( Date: 23-Oct-2021 12:45) Posted:

Sell 10m... no wonder they say talk is free. If drop to 5c, please makes sure you buy. No need 10m, just make sure you buy and show us. Dont pretend to help people vested here. Those who keep saying SMM is a lousy stock, take ckmpd' s advice and sell now. There are so many stocks out there to play.
Ckmpd mentioned he is singaporean, but you look at his whole page of comments, 90% dedicated to SMM. Spore counters only got SMM? Haha

x 0

It is on the Company website or SGX announcement (Offeree Circular dated 20th Oct)

Despatch of Notice to Shareholders Regarding Electronic Dissemination of the Offeree Circular

naoshingo ( Date: 22-Oct-2021 20:36) Posted:

Where is this extracted from?

better ( Date: 22-Oct-2021 20:22) Posted:

Well said. Brilliantly put!

The profile of the independent advisor for Temasek offer:

MS WONG BEE ENG

Ms Wong is the Chief Executive Officer and Executive Director of Provenance Capital. She has been leading the firm since joining the firm in February 2007, re-building the firm to become one of the leading corporate finance advisory firms for SGX-ST listed companies.

Ms Wong has more than 35 years of experience in investment banking with a primary focus on corporate finance advisory services. She had spent 9 years in international foreign investment banks, 11 years in local banks, and more than 15 years as Chief Executive Officer and Executive Director in boutique corporate finance firms. Ms Wong was the co-founder, CEO and Director of SAC Capital Private Limited for 2½ years before joining Provenance Capital in Febuary 2007. Before embarking on the banking industry, she had worked as an auditor briefly with Price Waterhouse.

Ms Wong holds a Bachelor degree in Accountancy (Honours) with the National University of Singapore and a Master' s degree in Business Administration with the University of Michigan, Ann Arbor, USA.

Ms Wong is a Chartered Accountant of Singapore, a Chartered Valuer and Appraiser and a Fellow of the Singapore Institute of Directors.

" Taking into consideration the above, overall, on balance, we are of the view that for the purposes of the Offer, our estimated value range of the Shares is between S$0.125 and S$0.14, based on the mean and median P/NAV ratios of the Comparable Companies of 1.1 times, and the estimated projected NAV per Share of S$0.1246 as at 31 December 2021 which takes into consideration the recently completed Rights Issue and the expected losses for 2H2021. Hence, we are of the opinion that the Offer Price of S$0.08 is not fair and not reasonable, as it is below our estimated value range of the Shares.

OUR RECOMMENDATION TO THE INDEPENDENT DIRECTORS ON THE OFFER In arriving at our recommendation in respect of the Offer, we have taken into account, reviewed and deliberated on the following key considerations which we considered to be pertinent in our assessment of the Offer: (a) Market price performance of the Shares (b) Financial analysis of the Group (c) Comparison with precedent takeover overs of selected SGX-ST listed companies (d) Comparison of valuation statistics of selected listed companies which are broadly comparable with the Group (e) Estimated value range of the Shares (f) Dividend track record of the Company and (g) Other relevant considerations.

Based on our analysis and after having considered carefully the information available to us as at the Latest Practicable Date, overall, we are of the view that the financial terms of the Offer are not fair and not reasonable. Accordingly, we advise the Independent Directors to recommend Shareholders to REJECT the Offer."

But I am sure many forumers here know better and have far better insights as to how much SCM is worth.

x 0

Well said. Brilliantly put!

The profile of the independent advisor for Temasek offer:

MS WONG BEE ENG

Ms Wong is the Chief Executive Officer and Executive Director of Provenance Capital. She has been leading the firm since joining the firm in February 2007, re-building the firm to become one of the leading corporate finance advisory firms for SGX-ST listed companies.

Ms Wong has more than 35 years of experience in investment banking with a primary focus on corporate finance advisory services. She had spent 9 years in international foreign investment banks, 11 years in local banks, and more than 15 years as Chief Executive Officer and Executive Director in boutique corporate finance firms. Ms Wong was the co-founder, CEO and Director of SAC Capital Private Limited for 2½ years before joining Provenance Capital in Febuary 2007. Before embarking on the banking industry, she had worked as an auditor briefly with Price Waterhouse.

Ms Wong holds a Bachelor degree in Accountancy (Honours) with the National University of Singapore and a Master' s degree in Business Administration with the University of Michigan, Ann Arbor, USA.

Ms Wong is a Chartered Accountant of Singapore, a Chartered Valuer and Appraiser and a Fellow of the Singapore Institute of Directors.

" Taking into consideration the above, overall, on balance, we are of the view that for the purposes of the Offer, our estimated value range of the Shares is between S$0.125 and S$0.14, based on the mean and median P/NAV ratios of the Comparable Companies of 1.1 times, and the estimated projected NAV per Share of S$0.1246 as at 31 December 2021 which takes into consideration the recently completed Rights Issue and the expected losses for 2H2021. Hence, we are of the opinion that the Offer Price of S$0.08 is not fair and not reasonable, as it is below our estimated value range of the Shares.

OUR RECOMMENDATION TO THE INDEPENDENT DIRECTORS ON THE OFFER In arriving at our recommendation in respect of the Offer, we have taken into account, reviewed and deliberated on the following key considerations which we considered to be pertinent in our assessment of the Offer: (a) Market price performance of the Shares (b) Financial analysis of the Group (c) Comparison with precedent takeover overs of selected SGX-ST listed companies (d) Comparison of valuation statistics of selected listed companies which are broadly comparable with the Group (e) Estimated value range of the Shares (f) Dividend track record of the Company and (g) Other relevant considerations.

Based on our analysis and after having considered carefully the information available to us as at the Latest Practicable Date, overall, we are of the view that the financial terms of the Offer are not fair and not reasonable. Accordingly, we advise the Independent Directors to recommend Shareholders to REJECT the Offer."

But I am sure many forumers here know better and have far better insights as to how much SCM is worth.

stanleytay ( Date: 22-Oct-2021 19:44) Posted:

Yes.. one guy called ckmpd who keep saying smm will go 0.3 cos its under TH. Then another one Uiop, keep saying SIA will go bankrupt after rights issue. After that SIA went up to $5, he move over to smm. Is my memory good? If you want to hear more, mrwise. The one who keep shouting buy 4days ago said SIA will go to $3 after rights. All these people now all gather in smm thread like some gathering. How is this not a buy signal?

ckmpd1 ( Date: 22-Oct-2021 19:38) Posted:

Well done, worstt, you have good memory.

Some time ago, there was a guy who was boasting daily abt how many shares he bought everyday and posting his buys. Do you remember that guy

x 0

The Shortist already queued 40 to 50mil shares to buy at 7.9 cents long ago. Whatever they sell at 7.9 cents is just left hand to right hand. Ownself play ownself.

Excluding Temasek, the " others" shareholders topup $750mil to Sembmarine' s coffer. These are mostly institutional investors and Higher Net Worth individuals. They are just waiting for the right moment to engage. I am rebuilding up my armament and ammunition to grab a few million shares in the next few months, likely at 8+ cents. Below 8 will be even better.

naoshingo ( Date: 22-Oct-2021 17:28) Posted:

Sad...rights issue SH no more margin of advantage at 79

honesty ( Date: 22-Oct-2021 17:26) Posted:

hope TH will do it soon in order to push back up SMM price after merging with Keppel, why keep dilly dally, should demonstrate their good intent of their partnership interest with minor public shareholder

x 0

Maybe can change nick to prata wise.

stanleytay ( Date: 22-Oct-2021 13:34) Posted:

Today force selling for those who bought in at 82 or 83. Mr Wise.. are you one of them? Previously keep saying TH will scoop up all. Now lose money, prata again.

mrwise ( Date: 22-Oct-2021 13:23) Posted:

Dont waste time on this!!

Why take such a RISK?? unless u have money to waste!!

x 0

The one year is for the integration of the topsides. The hull, which Sembmarine is supposed to build is likely 99% complete.

The last 1%, consisting likely of some welding rectification work could be done while the topsides integration is ongoing in Norway to save time.

As mentioned in article below, the fabrication of the topsides in Norway was also delayed by Covid and only ready recently for integration.

April 2021

According to Equinor, the yard is responsible for correcting all deviations in quality and costs related to repair of welding defects are covered by Sembcorp Marine, according to the contract. The cross-checks and improvements are almost completed and are followed up closely by Equinor, the Norwegian oil firm said.

The hull for the Johan Castberg production vessel is scheduled to be transported to Stord on board the Boka Vanguard heavy-lift vessel late 2021, however, the Covid-19 pandemic still adds uncertainty to all schedules, the company said.

In October 2020, Equinor reported that the Johan Castberg project would be delayed by one year, with planned production start in the fourth quarter of 2023.

" The main cause of the delay is the Covid-19 pandemic and associated infection control measures introduced at the yards in Singapore, Stord, Verdal and Sandnessjø en. Other challenges include the progress in Singapore and deviations in welding quality," Equinor said.

naoshingo ( Date: 21-Oct-2021 23:38) Posted:

I suspect when SM asked for the rights issue...they are expecting this project will not pass.
The report states that Johan Castberg FPSO requires the Norway yard 100% manpower and a year to complete.

SM being such a seasoned builder, I think in Q1/Q2 2021, they should knew the outcome. Thus, the urgent rights issue.

I am just speculating...
Anyways,,,,a lot of uncertainties...
Nevertheless, they are still hiring. So it will not close shop...

better ( Date: 21-Oct-2021 22:53) Posted:

Based on the investigation report by Norway' s Petroleum Safety Authority, Equinor, who supplied the fatigue analysis software program seems more at fault than Sembmarine. In any case, no yard has more lawsuits on its neck than Keppel OM.

Also, don' t you think SCM and also other yards would have learned the lesson from the Solitaire episode 20 years ago and put in the appropriate termination and force majeure clauses to protect themselves?

Sept 2020

Norway' s Petroleum Safety Authority is launching an investigation into the problems with the construction of the giant FPSO for Equinor' s new Johan Castberg offshore development.

" The PSA became aware on 25 June 2020 that Equinor had identified major challenges with the quality of welds in the hull of the Johan Castberg floating production storage and offloading (FPSO) unit. In addition, the authority became aware that errors had been found in the analysis program used for fatigue calculations," the agency wrote in an announcement Wednesday. " Corrective work means that the FPSO hull will be delayed . . . Furthermore, efforts to correct weld and fatigue-analysis errors create uncertainty about the structure&rsquo s integrity over the producing life of the field."

The PSA has appointed a team of experts to look into why the project team for Johan Castberg did not identify the analysis mistakes and faulty welds earlier in the process. It will aim to establish the decisionmaking timeline, assess the consequences of the weld issues for safety, analyze causal factors and find any potential regulatory breaches.

According to environmental NGO Bellona, the problems with the Johan Castberg FPSO became known in October 2019 and the software fatigue analysis issues have been known since April. The software' s designer says that the calculation errors are manageable and will not force a major rework of the project. " The issue is mainly seen on FPSOs with weather-vaning capabilities and may impact the estimated fatigue life of the vessel, which has no immediate consequence for its structural safety,&rdquo the firm wrote.

Morten Ruth, the project director for Johan Castberg, told E24 that the shipyard will have to redo about 3,000 linear meters of welding and change four seawater intakes, but it will not require not a major rebuild of the vessel.

" To put this a bit in context, we estimate that the [time] to repair the welds in Singapore, it corresponds to about five percent of the remaining hours [of work], roughly speaking," Ruth said. " This is a lot about organization and getting this done in the right sequence. It is not the volume as such that worries us."

The repair work has been substantially delayed by coronavirus-related slowdowns at Sembcorp, the Singaporean yard building the FPSO, he said. These challenges will likely set Johan Castberg' s deployment back by about one year.

x 0

Based on the investigation report by Norway' s Petroleum Safety Authority, Equinor, who supplied the fatigue analysis software program seems more at fault than Sembmarine. In any case, no yard has more lawsuits on its neck than Keppel OM.

Also, don' t you think SCM and also other yards would have learned the lesson from the Solitaire episode 20 years ago and put in the appropriate termination and force majeure clauses to protect themselves?

Sept 2020

Norway' s Petroleum Safety Authority is launching an investigation into the problems with the construction of the giant FPSO for Equinor' s new Johan Castberg offshore development.

" The PSA became aware on 25 June 2020 that Equinor had identified major challenges with the quality of welds in the hull of the Johan Castberg floating production storage and offloading (FPSO) unit. In addition, the authority became aware that errors had been found in the analysis program used for fatigue calculations," the agency wrote in an announcement Wednesday. " Corrective work means that the FPSO hull will be delayed . . . Furthermore, efforts to correct weld and fatigue-analysis errors create uncertainty about the structure&rsquo s integrity over the producing life of the field."

The PSA has appointed a team of experts to look into why the project team for Johan Castberg did not identify the analysis mistakes and faulty welds earlier in the process. It will aim to establish the decisionmaking timeline, assess the consequences of the weld issues for safety, analyze causal factors and find any potential regulatory breaches.

According to environmental NGO Bellona, the problems with the Johan Castberg FPSO became known in October 2019 and the software fatigue analysis issues have been known since April. The software' s designer says that the calculation errors are manageable and will not force a major rework of the project. " The issue is mainly seen on FPSOs with weather-vaning capabilities and may impact the estimated fatigue life of the vessel, which has no immediate consequence for its structural safety,&rdquo the firm wrote.

Morten Ruth, the project director for Johan Castberg, told E24 that the shipyard will have to redo about 3,000 linear meters of welding and change four seawater intakes, but it will not require not a major rebuild of the vessel.

" To put this a bit in context, we estimate that the [time] to repair the welds in Singapore, it corresponds to about five percent of the remaining hours [of work], roughly speaking," Ruth said. " This is a lot about organization and getting this done in the right sequence. It is not the volume as such that worries us."

The repair work has been substantially delayed by coronavirus-related slowdowns at Sembcorp, the Singaporean yard building the FPSO, he said. These challenges will likely set Johan Castberg' s deployment back by about one year.

chart_expert123 ( Date: 21-Oct-2021 22:30) Posted:

👏 👏 👏 👏 👏 👏 👏

Very positive. Only you but not the facts.

Trade with care and everyone do ur own due diligence.

I don't know what is the terms in the contracts. Just quoted solitaire case how a tow away project will impact.

It will not just as simple as contracts cancellation, loss stop here. Obviously, sembmar and equinor will be sued to international court and lengthy lawsuit is waiting for sembmar after the fpso left sembmar shipyards.

better ( Date: 21-Oct-2021 22:21) Posted:

That depends on whose fault it was. The hull is Equinor' s own design and investigation report last year did not pin point the fault on anyone. Accordingly, Equnior had approved the work at every stages of the hull construction until the error was discovered.

According to Equinor, the investigation team did not find any single event which could have been a direct cause for the welding quality issues.......

Furthermore, Equinor has not sufficiently complied with its own work processes and procedures for risk management, construction management, and follow-up at the construction site.

Even if Equinor' s follow-up team found signs of poor quality at an early stage, the extent and degree of seriousness were not understood. Sufficient measures were therefore not implemented.

Finally, Equinor' s follow-up team has not had enough personnel with experience and expertise in welding and welding control and has not utilized the company& rsquo s technical expertise in these areas early enough, the Norwegian company said.

Also, SCM had paid its due by rectifying most of the faults for free. The hull needs to be moved now for immediate topsides integration to avoid further delay. Any outstanding hull rectification work can be done at the same yard.

On the balance, a positive for Sembmarine.