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SembCorp Marine- The new Frontier.
gslgsl
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23-Oct-2021 11:08     
 
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 Alert Admin

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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ckmpd1
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23-Oct-2021 11:06     
 
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 Alert Admin 		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 off

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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share456
Veteran
23-Oct-2021 11:02     
 
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 Alert Admin 		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 uncertainties

Chagatai      ( Date: 23-Oct-2021 09:53) Posted:

As a vested person I did not expect to drop to 7.9 psychologically it rattled me ! I did expect after NOV 3 drop for a short while but not now. It is unsettling and worrisome


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ckmpd1
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23-Oct-2021 11:02     
 
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 Alert Admin 		This looks bad for SMM.  Optimists must try to sugar coat their optimism But if cant fulfil present contracts, how to win new contracts?

No wonder 8m shares sold for 7.9c yesterday.  Market is expecting big falls after 3 nov.  Worse than what we expected

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 10:56     
 
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 Alert Admin 		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 uncertainties

Chagatai      ( Date: 23-Oct-2021 09:53) Posted:

As a vested person I did not expect to drop to 7.9 psychologically it rattled me ! I did expect after NOV 3 drop for a short while but not now. It is unsettling and worrisome

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naoshingo
Elite
23-Oct-2021 10:55     
 
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 Alert Admin 		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
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23-Oct-2021 10:54     
 
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 Alert Admin 		agree. TH was very clear.  It doesnt want to take SMM private and it wants to keep it listed

Sgvale      ( Date: 23-Oct-2021 09:45) Posted:

Temasek can scoop up all those on the 8c ask queue if it's genuinely keen on a takeover. It shows Temasek is not optimistic on SMM either . 8c has been ding dong for long time
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share456
Veteran
23-Oct-2021 10:51     
 
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 Alert Admin 		this is bad reputation for SCM and no customer wants to give contract to SCM because SCM will never finish their contract on time

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 off

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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share456
Veteran
23-Oct-2021 10:48     
 
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 Alert Admin 		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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uiop1223
Supreme
23-Oct-2021 10:30     
 
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 Alert Admin 		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 off

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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ttbanthony
Veteran
23-Oct-2021 10:24     
 
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 Alert Admin 		This will move back to 0.124 eventually.
Nay sayers are everywhere. IFA report stated so, Rights issuance stated so.

The first Rights, terp hit
This second rights, TERP at 0.124 must also happen.

They are doing resource optimisation by re ploughing Human Resources into accretive projects.

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Joelton
Supreme
23-Oct-2021 10:22     
 
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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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beng1102
Elite
23-Oct-2021 10:06     
 
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 Alert Admin 		Both good news and bad news.  Bad news is this country continue to depend on massive number of very lower level foreign workers on the kind of massive mulit-year project.  It would be very hard to get enought workers for big project.    Good news is cut losses on this project and yard is freed to take in more manageable project.

ksangks      ( Date: 23-Oct-2021 09:03) Posted:

Read from BT , customers moved unfinished ships out of yards , what did it mean ?

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Chagatai
Veteran
23-Oct-2021 09:53     
 
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 Alert Admin 		As a vested person I did not expect to drop to 7.9 psychologically it rattled me ! I did expect after NOV 3 drop for a short while but not now. It is unsettling and worrisome
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look@bright
Elite
23-Oct-2021 09:53     
 
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 Alert Admin 		after taking money from retailers like us i think they are playing reverse psychology so that 0.08 already looked expensive and you just give up and sell. They always portray as the angels.

Sgvale      ( Date: 23-Oct-2021 09:45) Posted:

Temasek can scoop up all those on the 8c ask queue if it's genuinely keen on a takeover. It shows Temasek is not optimistic on SMM either . 8c has been ding dong for long time
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Sgvale
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23-Oct-2021 09:45     
 
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 Alert Admin 		Temasek can scoop up all those on the 8c ask queue if it's genuinely keen on a takeover. It shows Temasek is not optimistic on SMM either . 8c has been ding dong for long time
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ckmpd1
Supreme
23-Oct-2021 09:05     
 
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 Alert Admin 		was BT specific? which customers?  which yards?

ksangks      ( Date: 23-Oct-2021 09:03) Posted:

Read from BT , customers moved unfinished ships out of yards , what did it mean ?

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stanleytay
Master
23-Oct-2021 09:05     
 
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 Alert Admin 		If you are vested in a stock, you dont have to come into a thread and post everyday or even every few mins. At this moment, smm has just completed a rights issue@8c and the current share price is the result of post rights exercise. The recent profit warning and bad news could be TH intention to sweep all bad news at one go b4 starting off the clean slate which is not a new practice. Many companies did that b4.  As for bankruptcy or rights issue talks by some non vested forumers here, i think its too early to say and i really think if you all have no interest in owning SMM shares, just leave it alone. I have already stated my position in SMM here earlier, but i find myself reading either repeated posts or forumers deliberately coming in to mock those vested. And ckmpd, chart expert, uiop, if you are a pro expert of keppel corp, do go over to Keppel thread and sell your posts. Though everyone is free to post here, i dont think SMM investors need to hear or see all these.
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ckmpd1
Supreme
23-Oct-2021 09:04     
 
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 Alert Admin 		The people who suffer when a company goes bankrupt are creditors and share holders, not so much mgmt

chart_expert123      ( Date: 23-Oct-2021 08:59) Posted:

Bear in mind, when company or personal will be sued for bankruptcy and move into winding up?

When no cash to pay interest, installment, payment and etc and gonna sued for bankruptcy filing.

At the moment bankruptcy protection filing is when listed company gone case.

So look at revenue and profit, share price will only grow according to these 2 grow only as simple as that.

chart_expert123      ( Date: 23-Oct-2021 08:44) Posted:

All these NAV all bloated. Especially all these listed companies listed many years where their assets were valued at best year and never revalue at worst year now. When come to winding up assets for paying debts, most of the time cannot even pay bond holders, shareholders or equity holders are last to pay always get zero.

For example, We all know shipyards in singapore are in lease hold. Sembmar shipyard in sembawang going to expire and gov have no intention to extend. The assets never reflect.

What worst is we always can see intangle assets are recorded which cannot sell at all, once company cease business, intangible assets are zero value.

It is most stupid way to value a company based on NAV, especially you look at best performance companies like amazon, tesla, Facebook and etc, their NAV all started at very low or even negative.

We are equity holders or shareholders shall only look at revenue and profit growth.

Debt, assets and equity value are monitored by bond holders or debt holders to worry how much will be returned to their borrowing money if company winding up
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ksangks
Senior
23-Oct-2021 09:03     
 
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 Alert Admin 		Read from BT , customers moved unfinished ships out of yards , what did it mean ?
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