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SembCorp Marine- The new Frontier.
ckmpd1
Supreme
23-Oct-2021 12:38     
 
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 Alert Admin 		This is not something new for SMM. It is just that it was not offcially announced.  But the writing was on the wall.

The same thing with lack of money.  The writing is on the wall that SMM will run out of money in 2022.  Refusing to see it and denying it is at one' s own peril

Jyilailong      ( Date: 23-Oct-2021 12:29) Posted:

Omg! Really vomiting blood of this company... one bad news followed by another. Cannot get new contact already very bad. Now even can' t deliver existing contract. 

Joelton      ( Date: 23-Oct-2021 10:22) Posted:

Sembmarine share price dips below S$0.08 offer price customer to move unfinished vessel out of yard
Work will now be done in Norway after delay due to " serious manpower shortages" : report
 
SHARES of Sembcorp Marine (Sembmarine) ended at S$0.079 on Friday (Oct 22), below the S$0.08 offer price set by Temasek in its mandatory general offer last month.
 
This comes as a media report on Thursday said that Sembmarine' s work on the Johan Castberg vessel has been hit by " serious manpower shortages" due to the pandemic, and the project owner is set to transport the unfinished components from Singapore to Norway.
 
According to the report by trade publication Upstream, Norwegian energy company Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading (FPSO) vessel to Norway, due to delays and escalating costs. These components were being built at Sembmarine' s yard, the report said.
 
Sembmarine had secured its contract in 2017 with Equinor, previously known as Statoil. Worth US$490 million, the contract was for turnkey engineering, procurement and construction of hull and living quarters of the vessel, which is to be deployed in the Johan Castberg field in the Barents Sea.
 
An Equinor spokesperson cited in the report confirmed that the turret, which had been transported from Dubai to Singapore last year, will leave for Norway in December. The hull will be moved in early 2022.
 
Citing Equinor and contractor sources, the report said that Sembmarine' s manpower difficulties mean that the turret installation phase will now be carried out at another yard in Stord, Norway. Equinor had originally planned to use 350,000 man-hours at Stord for the job, but the scope has now increased to 2.5 million man-hours, the report added.
 
Upstream' s report comes as Temasek' s offer for Sembmarine is set to close on Nov 3. The offer was triggered last month after Startree Investments, an indirect wholly owned unit of Temasek, announced that it will pick up 49.3 per cent of Sembmarine' s rights issue, raising its stake in the company to 46.6 per cent.
 
The S$0.08 offer price is in line with the rights issue price. Startree intends to keep Sembmarine listed on the Singapore Exchange.
 
The Business Times has reached out to Sembmarine for comment. Shares of the mainboard-listed company were heavily traded on Friday, with some 57.3 million shares changing hands.
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ckmpd1
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23-Oct-2021 12:36     
 
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 Alert Admin 		thank you, Chagatai.  Yes.  this is a public forum and everyone shd be encouraged to express his or her opnions.  No one need to be offended as no one is complelled to read anyone' s post.  Glad to have fellow forumners like you who are open and broadminded

Chagatai      ( Date: 23-Oct-2021 12:21) Posted:

ckmpd1 I appreciate all the input and advise. Very good to express opinions facts and gut feels and thank you for all the insights. Positive or Negative comments everyone is valuable and is relevant

ckmpd1      ( Date: 23-Oct-2021 12:15) Posted:

What you proposed is truly free market system.  No safety nets for investors who take high risk expecting high returns
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uiop1223
Supreme
23-Oct-2021 12:33     
 
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 Alert Admin 		If T offer of 8 cents is not fair and reasonable, then SMM mtgm did a very good job in setting the rights issue at 8cents. All smm shareholders huat big!!!
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Jyilailong
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23-Oct-2021 12:29     
 
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 Alert Admin 		Omg! Really vomiting blood of this company... one bad news followed by another. Cannot get new contact already very bad. Now even can' t deliver existing contract. 

Joelton      ( Date: 23-Oct-2021 10:22) Posted:

Sembmarine share price dips below S$0.08 offer price customer to move unfinished vessel out of yard
Work will now be done in Norway after delay due to " serious manpower shortages" : report
 
SHARES of Sembcorp Marine (Sembmarine) ended at S$0.079 on Friday (Oct 22), below the S$0.08 offer price set by Temasek in its mandatory general offer last month.
 
This comes as a media report on Thursday said that Sembmarine' s work on the Johan Castberg vessel has been hit by " serious manpower shortages" due to the pandemic, and the project owner is set to transport the unfinished components from Singapore to Norway.
 
According to the report by trade publication Upstream, Norwegian energy company Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading (FPSO) vessel to Norway, due to delays and escalating costs. These components were being built at Sembmarine' s yard, the report said.
 
Sembmarine had secured its contract in 2017 with Equinor, previously known as Statoil. Worth US$490 million, the contract was for turnkey engineering, procurement and construction of hull and living quarters of the vessel, which is to be deployed in the Johan Castberg field in the Barents Sea.
 
An Equinor spokesperson cited in the report confirmed that the turret, which had been transported from Dubai to Singapore last year, will leave for Norway in December. The hull will be moved in early 2022.
 
Citing Equinor and contractor sources, the report said that Sembmarine' s manpower difficulties mean that the turret installation phase will now be carried out at another yard in Stord, Norway. Equinor had originally planned to use 350,000 man-hours at Stord for the job, but the scope has now increased to 2.5 million man-hours, the report added.
 
Upstream' s report comes as Temasek' s offer for Sembmarine is set to close on Nov 3. The offer was triggered last month after Startree Investments, an indirect wholly owned unit of Temasek, announced that it will pick up 49.3 per cent of Sembmarine' s rights issue, raising its stake in the company to 46.6 per cent.
 
The S$0.08 offer price is in line with the rights issue price. Startree intends to keep Sembmarine listed on the Singapore Exchange.
 
The Business Times has reached out to Sembmarine for comment. Shares of the mainboard-listed company were heavily traded on Friday, with some 57.3 million shares changing hands.
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Chagatai
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23-Oct-2021 12:21     
 
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 Alert Admin 		ckmpd1 I appreciate all the input and advise. Very good to express opinions facts and gut feels and thank you for all the insights. Positive or Negative comments everyone is valuable and is relevant

ckmpd1      ( Date: 23-Oct-2021 12:15) Posted:

What you proposed is truly free market system.  No safety nets for investors who take high risk expecting high returns.

uiop1223      ( Date: 23-Oct-2021 11:25) Posted:

Im against using taxpayers money to bail out companies. If they are irrelevant, they shld be allowed to collapse and suckers who hold these shares shld have a 100% money lost. Simple and straightforward.
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ckmpd1
Supreme
23-Oct-2021 12:15     
 
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 Alert Admin 		What you proposed is truly free market system.  No safety nets for investors who take high risk expecting high returns.

uiop1223      ( Date: 23-Oct-2021 11:25) Posted:

Im against using taxpayers money to bail out companies. If they are irrelevant, they shld be allowed to collapse and suckers who hold these shares shld have a 100% money lost. Simple and straightforward.

ckmpd1      ( Date: 23-Oct-2021 11:06) Posted:

I am a singaporean and I wish Singapore companies prosper and do well.  But truths cant be denied.  SMM cant make it for the next 12 months. 

Hold cash until things turn better.  If can buy at 5c, why keep it now at 8c?

Sell 10m at 8c and buy back same at 5c means a savings of $300,000 
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ckmpd1
Supreme
23-Oct-2021 11:35     
 
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 Alert Admin 		Yes, agree.

That' s why several weeks ago,  i predicted .from 4 Nov to mar 2022...SMM down to 7c, 6c, 5c...but some forumners were offended

share456      ( Date: 23-Oct-2021 11:31) Posted:

SCM can drop to 5 cents by end of the year
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ckmpd1
Supreme
23-Oct-2021 11:33     
 
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 Alert Admin 		True.  Takes time to merge.  Until it merges, SMM will be in bad shape.  Maybe have to pay LD for delayed completion and cant get new contracts

That' s why I predict SMM' s price will go down for the next few months before it gets better.  Those shouting 30s are overly optimistic or they dont know what they say

naoshingo      ( Date: 23-Oct-2021 11:30) Posted:

Ya..eberything cost money lah...haha....this Equinor case is a wake up call....
This project has moved around many times since 2018....
Plus everyone wants to lower cost during oil price was low...

Now price is up everyone starts building and supply chain issue...the more the need to merge...
It is plain stupid to have 2 yards in our soil cut against each others' throat..in the end just hurt TH who is the SH of both..
DUMB MAX as of today!

 

ckmpd1      ( Date: 23-Oct-2021 11:25) Posted:

yes

Streamlining, reorganising and restructuring are the ways forward.  But subject to SH' s approval and costs money.  These will take tim
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share456
Veteran
23-Oct-2021 11:31     
 
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 Alert Admin 		SCM can drop to 5 cents by end of the year
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naoshingo
Elite
23-Oct-2021 11:30     
 
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 Alert Admin 		Ya..eberything cost money lah...haha....this Equinor case is a wake up call....
This project has moved around many times since 2018....
Plus everyone wants to lower cost during oil price was low...

Now price is up everyone starts building and supply chain issue...the more the need to merge...
It is plain stupid to have 2 yards in our soil cut against each others' throat..in the end just hurt TH who is the SH of both..
DUMB MAX as of today!

 

ckmpd1      ( Date: 23-Oct-2021 11:25) Posted:

yes

Streamlining, reorganising and restructuring are the ways forward.  But subject to SH' s approval and costs money.  These will take time

naoshingo      ( Date: 23-Oct-2021 11:22) Posted:

Interstingly, if SM is still with SCI till this point....SCI is really a gonner...Glad that they took action and cut it.

Really, the merger with KC O& M will streamline the operations of the yard....it is so inefficient to have 2 seperate SG companies fighting against China and Kr.
 
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ckmpd1
Supreme
23-Oct-2021 11:29     
 
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 Alert Admin 		Agree.  But some companies are of strategic importance to the country eg SIA.  Singapore needs an airlift capabilty in case of periods of tension.  Financially SIA is insolvent. But shd singapore keep it alive like what the govt is doing now?  SIA today is a pale shadow of its glorious days

uiop1223      ( Date: 23-Oct-2021 11:25) Posted:

Im against using taxpayers money to bail out companies. If they are irrelevant, they shld be allowed to collapse and suckers who hold these shares shld have a 100% money lost. Simple and straightforward.

ckmpd1      ( Date: 23-Oct-2021 11:06) Posted:

I am a singaporean and I wish Singapore companies prosper and do well.  But truths cant be denied.  SMM cant make it for the next 12 months. 

Hold cash until things turn better.  If can buy at 5c, why keep it now at 8c?

Sell 10m at 8c and buy back same at 5c means a savings of $300,000 
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ckmpd1
Supreme
23-Oct-2021 11:25     
 
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 Alert Admin 		yes

Streamlining, reorganising and restructuring are the ways forward.  But subject to SH' s approval and costs money.  These will take time

naoshingo      ( Date: 23-Oct-2021 11:22) Posted:

Interstingly, if SM is still with SCI till this point....SCI is really a gonner...Glad that they took action and cut it.

Really, the merger with KC O& M will streamline the operations of the yard....it is so inefficient to have 2 seperate SG companies fighting against China and Kr.
 

ckmpd1      ( Date: 23-Oct-2021 11:09) Posted:

yesyes
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uiop1223
Supreme
23-Oct-2021 11:25     
 
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 Alert Admin 		Im against using taxpayers money to bail out companies. If they are irrelevant, they shld be allowed to collapse and suckers who hold these shares shld have a 100% money lost. Simple and straightforward.

ckmpd1      ( Date: 23-Oct-2021 11:06) Posted:

I am a singaporean and I wish Singapore companies prosper and do well.  But truths cant be denied.  SMM cant make it for the next 12 months. 

Hold cash until things turn better.  If can buy at 5c, why keep it now at 8c?

Sell 10m at 8c and buy back same at 5c means a savings of $300,000 

uiop1223      ( Date: 23-Oct-2021 10:30) Posted:

Even expensive country like norway cannot tahan and rather build themselves. Norway workers how much? Semb corpse will just be a zombie waiting to die of
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naoshingo
Elite
23-Oct-2021 11:22     
 
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 Alert Admin 		Interstingly, if SM is still with SCI till this point....SCI is really a gonner...Glad that they took action and cut it.

Really, the merger with KC O& M will streamline the operations of the yard....it is so inefficient to have 2 seperate SG companies fighting against China and Kr.
 

ckmpd1      ( Date: 23-Oct-2021 11:09) Posted:

yesyes

naoshingo      ( Date: 23-Oct-2021 10:55) Posted:

This is interesting....I wonder Keppel O& M did execute similar project with Equinox?
I believe the risk of this project could have been identified back in 2019-2020.
2020 especially so, when CoVid outbreak.

Then I think SM bite more projects than it can chew...with the add of Shell Vito..

So the 2021 rights issue is to priced in this and the transocean deferment...

I donno....just speculating..
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ckmpd1
Supreme
23-Oct-2021 11:15     
 
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 Alert Admin 		SMM will definitely take a hit on this. Whether it makes provision soon or delay announcing the bad news, SMM will be hit

share456      ( Date: 23-Oct-2021 11:11) Posted:

Will SCM make provision of another $500 millions to $1 billions loss for this project ?
this could be the next bad news in 4th quarter update.

Joelton      ( Date: 23-Oct-2021 10:22) Posted:

Sembmarine share price dips below S$0.08 offer price customer to move unfinished vessel out of yard
Work will now be done in Norway after delay due to " serious manpower shortages" : report
 
SHARES of Sembcorp Marine (Sembmarine) ended at S$0.079 on Friday (Oct 22), below the S$0.08 offer price set by Temasek in its mandatory general offer last month.
 
This comes as a media report on Thursday said that Sembmarine' s work on the Johan Castberg vessel has been hit by " serious manpower shortages" due to the pandemic, and the project owner is set to transport the unfinished components from Singapore to Norway.
 
According to the report by trade publication Upstream, Norwegian energy company Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading (FPSO) vessel to Norway, due to delays and escalating costs. These components were being built at Sembmarine' s yard, the report said.
 
Sembmarine had secured its contract in 2017 with Equinor, previously known as Statoil. Worth US$490 million, the contract was for turnkey engineering, procurement and construction of hull and living quarters of the vessel, which is to be deployed in the Johan Castberg field in the Barents Sea.
 
An Equinor spokesperson cited in the report confirmed that the turret, which had been transported from Dubai to Singapore last year, will leave for Norway in December. The hull will be moved in early 2022.
 
Citing Equinor and contractor sources, the report said that Sembmarine' s manpower difficulties mean that the turret installation phase will now be carried out at another yard in Stord, Norway. Equinor had originally planned to use 350,000 man-hours at Stord for the job, but the scope has now increased to 2.5 million man-hours, the report added.
 
Upstream' s report comes as Temasek' s offer for Sembmarine is set to close on Nov 3. The offer was triggered last month after Startree Investments, an indirect wholly owned unit of Temasek, announced that it will pick up 49.3 per cent of Sembmarine' s rights issue, raising its stake in the company to 46.6 per cent.
 
The S$0.08 offer price is in line with the rights issue price. Startree intends to keep Sembmarine listed on the Singapore Exchange.
 
The Business Times has reached out to Sembmarine for comment. Shares of the mainboard-listed company were heavily traded on Friday, with some 57.3 million shares changing hands.
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ckmpd1
Supreme
23-Oct-2021 11:13     
 
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 Alert Admin 		a series of bad news for SMM recently.  Those who were blindly supporting SMM are now shaken

gslgsl      ( Date: 23-Oct-2021 11:08) Posted:

Top Stock Highlights of the Week: Sembcorp Marine&rsquo s Warning


https://sg.finance.yahoo.com/news/top-stock-highlights-week-sembcorp-000000033.html
 

Sembcorp Marine Ltd (SGX: S51)



Sembcorp Marine has released a sobering profit guidance for the second half of 2021 (2H2021).

The group expects to continue incurring losses for 2H2021 despite the progress it has made in managing project completion delays.

For the third quarter of 2021 (3Q2021), Sembcorp Marine has faced additional challenges.

These include delays in the delivery of equipment due to border controls, slow recruitment of skilled labour, resignations of current skilled workers, and work disruptions arising from COVID-19 measures.

The above has resulted in further project delays and escalated costs over the next three to nine months.

The profit warning highlights the tough situation the group is facing even as it attempts to pivot its business towards the clean energy sector.

The offshore and marine giant recently concluded its  second rights issue  in a year, but with continued losses, its balance sheet may face continued strain.

It&rsquo s conceivable that if the losses do not let up, Sembcorp Marine may have to resort to a third rights issue next year.

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share456
Veteran
23-Oct-2021 11:11     
 
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 Alert Admin 		Will SCM make provision of another $500 millions to $1 billions loss for this project ?
this could be the next bad news in 4th quarter update.

Joelton      ( Date: 23-Oct-2021 10:22) Posted:

Sembmarine share price dips below S$0.08 offer price customer to move unfinished vessel out of yard
Work will now be done in Norway after delay due to " serious manpower shortages" : report
 
SHARES of Sembcorp Marine (Sembmarine) ended at S$0.079 on Friday (Oct 22), below the S$0.08 offer price set by Temasek in its mandatory general offer last month.
 
This comes as a media report on Thursday said that Sembmarine' s work on the Johan Castberg vessel has been hit by " serious manpower shortages" due to the pandemic, and the project owner is set to transport the unfinished components from Singapore to Norway.
 
According to the report by trade publication Upstream, Norwegian energy company Equinor will transport the unfinished hull and turret for the Johan Castberg floating production, storage and offloading (FPSO) vessel to Norway, due to delays and escalating costs. These components were being built at Sembmarine' s yard, the report said.
 
Sembmarine had secured its contract in 2017 with Equinor, previously known as Statoil. Worth US$490 million, the contract was for turnkey engineering, procurement and construction of hull and living quarters of the vessel, which is to be deployed in the Johan Castberg field in the Barents Sea.
 
An Equinor spokesperson cited in the report confirmed that the turret, which had been transported from Dubai to Singapore last year, will leave for Norway in December. The hull will be moved in early 2022.
 
Citing Equinor and contractor sources, the report said that Sembmarine' s manpower difficulties mean that the turret installation phase will now be carried out at another yard in Stord, Norway. Equinor had originally planned to use 350,000 man-hours at Stord for the job, but the scope has now increased to 2.5 million man-hours, the report added.
 
Upstream' s report comes as Temasek' s offer for Sembmarine is set to close on Nov 3. The offer was triggered last month after Startree Investments, an indirect wholly owned unit of Temasek, announced that it will pick up 49.3 per cent of Sembmarine' s rights issue, raising its stake in the company to 46.6 per cent.
 
The S$0.08 offer price is in line with the rights issue price. Startree intends to keep Sembmarine listed on the Singapore Exchange.
 
The Business Times has reached out to Sembmarine for comment. Shares of the mainboard-listed company were heavily traded on Friday, with some 57.3 million shares changing hands.
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ckmpd1
Supreme
23-Oct-2021 11:10     
 
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 Alert Admin 		yes..without doubt.

 

share456      ( Date: 23-Oct-2021 11:02) Posted:

there is no uncertainy anymore.
very confirmed SCM will drop below 8 cents after 3 nov.

ckmpd1      ( Date: 23-Oct-2021 10:56) Posted:

Yes.  To drop to 7.9c yesterday was a surprise.  Many of us expected SMM to drop below 8c only after 3 Nov.  It brings in more uncertaintie
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ckmpd1
Supreme
23-Oct-2021 11:09     
 
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 Alert Admin 		yesyes

naoshingo      ( Date: 23-Oct-2021 10:55) Posted:

This is interesting....I wonder Keppel O& M did execute similar project with Equinox?
I believe the risk of this project could have been identified back in 2019-2020.
2020 especially so, when CoVid outbreak.

Then I think SM bite more projects than it can chew...with the add of Shell Vito..

So the 2021 rights issue is to priced in this and the transocean deferment...

I donno....just speculating..
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ckmpd1
Supreme
23-Oct-2021 11:08     
 
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 Alert Admin 		even without moving work out from Singapore to Norway  recently, it was a difficult time for SMM.  With the latest turn of events, how to invest in SMM?

share456      ( Date: 23-Oct-2021 10:48) Posted:

it is very difficult for SCM to win any contract once customers start to move unfinished projects out of SCM.
it will mean SCM needs more right issues to survive since it cannot earn profit from contracts.
 

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