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Latest Forum Topics / Seatrium    Last:0.091 --  Post Reply
SembCorp Marine- The new Frontier.
msksmsks
Supreme
04-Feb-2021 07:47     
 
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 Alert Admin 		Oil cruising twds $59 and wl give a lift to this sector and wl spur capex spending again.

The trend is yr friend. Looking fwd to recovery.

Cheers
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better
Elite
03-Feb-2021 22:11     
 
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 Alert Admin 		No choice. Petrobras is starting to buy their own FPSOs after a 6-7yrs hiatus. A billion dollar a piece. Have to secure some projects to help defray the running cost of Keppel Fel Brasil.

Petrobras was also badly burnt by the Operation Car Wash anti-corruption drive. They overpaid for their projects which put them in very poor financial position during the bear market years for crude oil.

Have to lease a number of their FPSOs instead by buying them. That is until recently, finally save enough money to buy their own again.

Petrobras' s revival would put Keppel OM and Sembmarine in good position because of their ownership in Brazillian yards. Petrobras usually require certain percentage of local content which can be fulfilled by their brazil subsidiaries.

bystander1965      ( Date: 03-Feb-2021 20:00) Posted:

Once bitten twice shy?
Still dare to do business with Petrobras? devil

better      ( Date: 03-Feb-2021 17:41) Posted:

Petrobras Receives Three Offers in FPSOs Tender
February 2, 2021

Brazilian state-run oil company Petrobras received offers from three consortia looking to build the company' s first in-house platforms in more than seven years, the company said on Tuesday.


In a release, Petroleo Brasileiro SA, as the company is formally known, said it had received offers from consortia led by Samsung Heavy Industries Co, Daewoo Heavy Industries & Machinery Ltd and Keppel Corporation Ltd.

The platforms, named P-78 and P-79, are floating production storage and offloading units, effectively massive ships with deep-water drilling equipment, known as FPSOs.

The company is reviewing the offers and hopes to make an official selection in the first half of 2021, it said.

Implication- Keppel got a good chance to get something from the tender. USD1 billion a piece. Notice Sembmarine is not tendering. Probably busy elsewhere......or unspoken rule between SMM and Keppel OM to not bid against each other???

 


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bystander1965
Supreme
03-Feb-2021 20:00     
 
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 Alert Admin 		Once bitten twice shy?
Still dare to do business with Petrobras? devil

better      ( Date: 03-Feb-2021 17:41) Posted:

Petrobras Receives Three Offers in FPSOs Tender
February 2, 2021

Brazilian state-run oil company Petrobras received offers from three consortia looking to build the company' s first in-house platforms in more than seven years, the company said on Tuesday.


In a release, Petroleo Brasileiro SA, as the company is formally known, said it had received offers from consortia led by Samsung Heavy Industries Co, Daewoo Heavy Industries & Machinery Ltd and Keppel Corporation Ltd.

The platforms, named P-78 and P-79, are floating production storage and offloading units, effectively massive ships with deep-water drilling equipment, known as FPSOs.

The company is reviewing the offers and hopes to make an official selection in the first half of 2021, it said.

Implication- Keppel got a good chance to get something from the tender. USD1 billion a piece. Notice Sembmarine is not tendering. Probably busy elsewhere......or unspoken rule between SMM and Keppel OM to not bid against each other???

 

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better
Elite
03-Feb-2021 19:19     
 
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 Alert Admin 		Meanwhile, Sembmarine is bidding for..........
 

Four chase huge Qatargas North Field offshore expansion contract



Bids submitted on 31 January for first offshore package comprising giant liquefied natural gas expansion scheme worth USD1+ billion.


1/4 chance for Sembmarine.
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better
Elite
03-Feb-2021 17:41     
 
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 Alert Admin

Petrobras Receives Three Offers in FPSOs Tender
February 2, 2021

Brazilian state-run oil company Petrobras received offers from three consortia looking to build the company' s first in-house platforms in more than seven years, the company said on Tuesday.


In a release, Petroleo Brasileiro SA, as the company is formally known, said it had received offers from consortia led by Samsung Heavy Industries Co, Daewoo Heavy Industries & Machinery Ltd and Keppel Corporation Ltd.

The platforms, named P-78 and P-79, are floating production storage and offloading units, effectively massive ships with deep-water drilling equipment, known as FPSOs.

The company is reviewing the offers and hopes to make an official selection in the first half of 2021, it said.

Implication- Keppel got a good chance to get something from the tender. USD1 billion a piece. Notice Sembmarine is not tendering. Probably busy elsewhere......or unspoken rule between SMM and Keppel OM to not bid against each other???

 
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bystander1965
Supreme
03-Feb-2021 15:59     
 
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 Alert Admin 		Ya, my limited TA knowledge tells me it might be climbing up again... Let' s see.

newbie19      ( Date: 03-Feb-2021 15:57) Posted:

I agree with you......
you are right..
Anyway, Ai Zai mai kia...........wink

bystander1965      ( Date: 03-Feb-2021 15:35) Posted:

Ai zai.

I normally won' t buy right in the morning open. This is especially true when overnight US was green. I tend to believe that' s when all in position traders will let go. After that the price will retreat. Of course there will be time when this is not true, and it just charges up. But chances are slimmer
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newbie19
Supreme
03-Feb-2021 15:57     
 
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 Alert Admin 		I agree with you......
you are right..
Anyway, Ai Zai mai kia...........wink

bystander1965      ( Date: 03-Feb-2021 15:35) Posted:

Ai zai.

I normally won' t buy right in the morning open. This is especially true when overnight US was green. I tend to believe that' s when all in position traders will let go. After that the price will retreat. Of course there will be time when this is not true, and it just charges up. But chances are slimmer.

newbie19      ( Date: 03-Feb-2021 14:54) Posted:

Morning purchased 200 lots @ 0.155 cts using cash...........
But still far behind your Daily purchased program....laugh
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pkli899
Supreme
03-Feb-2021 15:39     
 
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 Alert Admin 		I admire your resoursefulness.
Thanks for the info.

better      ( Date: 03-Feb-2021 15:35) Posted:

The NAV per share is around 30 cents after factoring the estimated reported loss of $200+million for 2020.
 
After plodding through the last 4-5 yrs financial statements, the end 2020 balance sheet should be as follow:
 
Total Shareholders equity- $3.9 billion
Total liabilities- $5.6 billion, consisting of:
Accounts payable- $1.2 billion
Long term debts- $3.8 billion
Provisions, lease liabilities and other liabilities- $600 million
 
Total assets- $9.5 billion, consisting of
Yards&rsquo value- $4 billion (70% is the flagship Tuas Boulevard Yard, affectionally know as TBY, 15% is the brazil mega yard, the remaining 15% is the other yards in Singapore and overseas)
Accounts receivable- $300 million
Debt owing with interest by Borr drilling- $1.1 billion (secured by 9 Jack up rigs. Decision time in 2023. Either Borr drilling pay up partially or fully or SMM repossess the 9 rigs)
 
IPs, rights to use assets, inventories, deferred tax- $700 million
 
Cash on hand- $2 billion
 
Contract assets and cost- $1.5 billion (Reducing from $1.75 billion in H1 2020 due to no cancellation of project, resumption of work from Covid and lower biz volume. This is the portion where SMM can adjust to achieve the profit or loss they want. a.k.a creative accounting. It consists of work done on projects but yet to bill clients. Buried in it is likely the value of the 7 partially completed drillships that Setes Brasil cancelled. Nearly got off the hook last October before Petrobras objected last minute. Very likely to see a deal done this year.)

DLP123      ( Date: 03-Feb-2021 14:19) Posted:


Per share Net Asset Value (NAV): $0.3196
Per share Cash: $0.14-0.16 

Their asset, Tuas mega yard is impressive.     



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better
Elite
03-Feb-2021 15:35     
 
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 Alert Admin 		The NAV per share is around 30 cents after factoring the estimated reported loss of $200+million for 2020.
 
After plodding through the last 4-5 yrs financial statements, the end 2020 balance sheet should be as follow:
 
Total Shareholders equity- $3.9 billion
Total liabilities- $5.6 billion, consisting of:
Accounts payable- $1.2 billion
Long term debts- $3.8 billion
Provisions, lease liabilities and other liabilities- $600 million
 
Total assets- $9.5 billion, consisting of
Yards&rsquo value- $4 billion (70% is the flagship Tuas Boulevard Yard, affectionally know as TBY, 15% is the brazil mega yard, the remaining 15% is the other yards in Singapore and overseas)
Accounts receivable- $300 million
Debt owing with interest by Borr drilling- $1.1 billion (secured by 9 Jack up rigs. Decision time in 2023. Either Borr drilling pay up partially or fully or SMM repossess the 9 rigs)
 
IPs, rights to use assets, inventories, deferred tax- $700 million
 
Cash on hand- $2 billion
 
Contract assets and cost- $1.5 billion (Reducing from $1.75 billion in H1 2020 due to no cancellation of project, resumption of work from Covid and lower biz volume. This is the portion where SMM can adjust to achieve the profit or loss they want. a.k.a creative accounting. It consists of work done on projects but yet to bill clients. Buried in it is likely the value of the 7 partially completed drillships that Setes Brasil cancelled. Nearly got off the hook last October before Petrobras objected last minute. Very likely to see a deal done this year.)

DLP123      ( Date: 03-Feb-2021 14:19) Posted:


Per share Net Asset Value (NAV): $0.3196
Per share Cash: $0.14-0.16 

Their asset, Tuas mega yard is impressive.     



bystander1965      ( Date: 02-Feb-2021 16:12) Posted:

Ya as a layman I will just add 1.5B back. I think that number happens to be the same but it' s NAV. So NTA should be lower than that
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bystander1965
Supreme
03-Feb-2021 15:35     
 
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 Alert Admin 		Ai zai.

I normally won' t buy right in the morning open. This is especially true when overnight US was green. I tend to believe that' s when all in position traders will let go. After that the price will retreat. Of course there will be time when this is not true, and it just charges up. But chances are slimmer.

newbie19      ( Date: 03-Feb-2021 14:54) Posted:

Morning purchased 200 lots @ 0.155 cts using cash...........
But still far behind your Daily purchased program....laugh

better      ( Date: 03-Feb-2021 09:46) Posted:

Daily purchase program- collected @ 15.4 cents  laugh

Trade safe and DYODD!
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better
Elite
03-Feb-2021 15:25     
 
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 Alert Admin 		Great value for money!  yes
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newbie19
Supreme
03-Feb-2021 14:54     
 
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 Alert Admin 		Morning purchased 200 lots @ 0.155 cts using cash...........
But still far behind your Daily purchased program....laugh

better      ( Date: 03-Feb-2021 09:46) Posted:

Daily purchase program- collected @ 15.4 cents  laugh

Trade safe and DYODD!
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Richardlai
Master
03-Feb-2021 14:36     
 
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 Alert Admin 		okay bought some at 0.151. just a toe hold to test if it can sustain
 
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DLP123
Senior
03-Feb-2021 14:19     
 
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 Alert Admin


Per share Net Asset Value (NAV): $0.3196
Per share Cash: $0.14-0.16 

Their asset, Tuas mega yard is impressive.     



bystander1965      ( Date: 02-Feb-2021 16:12) Posted:

Ya as a layman I will just add 1.5B back. I think that number happens to be the same but it' s NAV. So NTA should be lower than that.

DLP123      ( Date: 02-Feb-2021 16:05) Posted:

Net assets= $2.014 billion+1.5 billion+ 600million-100 million burnout=  $4.014 billion

Therefore, per share net assets=  $4 billion /  12,555,645,884= $0.3196
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better
Elite
03-Feb-2021 09:46     
 
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 Alert Admin 		Daily purchase program- collected @ 15.4 cents  laugh

Trade safe and DYODD!
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better
Elite
02-Feb-2021 23:39     
 
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 Alert Admin

Offshore market set for rebound after ' torrid 2020' : Westwood

This year' s awards could rival the $40 billion in 2019
1 February 2021 16:35 By  Amanda Battersby   
 
The offshore engineering, procurement and construction market is expected to quickly recover this year, boosted by projects postponed from 2020 and a resurgent Petrobras, according to analysts Westwood Global Energy Group.
Westwood&rsquo s base case outlook for 2021, which assumes a Brent crude price averaging $50 per barrel, boosted by projects deferred from 2020&hellip [this year] could match 2019&rsquo s $40 billion total,&rdquo said Thom Payne, Westwood&rsquo s head of offshore energy services.

A significant proportion of the 2021 market is from projects deferred in the second quarter of 2020 &mdash which of which had already seen significant pre-sanction commitments."

Examples such as Shell' s Whale in the US Gulf of Mexico, Equinor' s Bacalhau in Brazil, and Qatar Petroleum' s giant North Field liquefied natural gas projects.
These projects account for an estimated $7.7 billion of projected EPC value alone in 2021.


Implication: Sembmarine won the Shell Whale project in Nov 2019.  FID is due in the coming months. Once confirmed, it will add around USD2billion to Sembmarine' s order book. 


 
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better
Elite
02-Feb-2021 21:20     
 
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 Alert Admin 		Presented without comment

Past 3 months performance

S51        +26.6%
BN4.SI    +16.2%
U96        + 5.1%
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bystander1965
Supreme
02-Feb-2021 16:12     
 
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 Alert Admin 		Ya as a layman I will just add 1.5B back. I think that number happens to be the same but it' s NAV. So NTA should be lower than that.

DLP123      ( Date: 02-Feb-2021 16:05) Posted:

Net assets= $2.014 billion+1.5 billion+ 600million-100 million burnout=  $4.014 billion

Therefore, per share net assets=  $4 billion /  12,555,645,884= $0.3196

bystander1965      ( Date: 02-Feb-2021 15:25) Posted:

Not quite right. You forgot that after the recapitalisation, debt will also decrease.
SMM did a pro forma number on their Dec2019 number, NTA (not NAV) would be 0.3196. Not sure why they did not do one based on Jun2020 number.
I would expect NTA to be less now but no 0.2
 
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DLP123
Senior
02-Feb-2021 16:05     
 
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 Alert Admin 		Net assets= $2.014 billion+1.5 billion+ 600million-100 million burnout=  $4.014 billion

Therefore, per share net assets=  $4 billion /  12,555,645,884= $0.3196

bystander1965      ( Date: 02-Feb-2021 15:25) Posted:

Not quite right. You forgot that after the recapitalisation, debt will also decrease.
SMM did a pro forma number on their Dec2019 number, NTA (not NAV) would be 0.3196. Not sure why they did not do one based on Jun2020 number.
I would expect NTA to be less now but no 0.2
 

DLP123      ( Date: 02-Feb-2021 15:07) Posted:

--- Post Removed by User ---
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bystander1965
Supreme
02-Feb-2021 15:25     
 
bystander1965 About Contact  Quote this Post!   Mood: cool
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 Alert Admin 		Not quite right. You forgot that after the recapitalisation, debt will also decrease.
SMM did a pro forma number on their Dec2019 number, NTA (not NAV) would be 0.3196. Not sure why they did not do one based on Jun2020 number.
I would expect NTA to be less now but no 0.2
 

DLP123      ( Date: 02-Feb-2021 15:07) Posted:

--- Post Removed by User ---
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