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Latest Forum Topics / Seatrium    Last:0.091 --  Post Reply
Sembmarine
ysh2006
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04-Dec-2015 09:01     
 
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Tday ST also maybe said so...

mrwise      ( Date: 03-Dec-2015 22:45) Posted:



Better stay away...

not a good time to touch this..

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mrwise
Supreme
03-Dec-2015 22:45     
 
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Better stay away...

not a good time to touch this..
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Qanghoo
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03-Dec-2015 22:20     
 
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Then they will apply to the courts for a winding up order against MP.  As a secure creditor, they may not get back the full amt, but shd get back something.  But if it really reaches that stage, then MP shareholders gone case liao. 

earlybird14      ( Date: 03-Dec-2015 12:50) Posted:



Sembmar can bring all his clients to courts. But even they win the case, can they take anything back from a company going to bankrupt?

ysh2006      ( Date: 03-Dec-2015 11:20) Posted:

If tomorrow another news Brazil side no money to pay their yard can SMM sue Brazil..?
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Lepin888
Veteran
03-Dec-2015 21:41     
 
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When it starts raining it pours....1 cancellation more delays few more cancellations and snowball effect...Banks start to get nervous...

Can company claw back all those multimillion salaries and bonuses paid ahead of contracts before profits were earned?

Tough for shareholders who may have to cough up more money....
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ecekca
Elite
03-Dec-2015 21:07     
 
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 Alert Admin 		Think it will head to 1 with the additonal bad news
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hlfoo2010
Master
03-Dec-2015 16:35     
 
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Brazil need $CNY .....

Chinese maybe need a  yard or port near there using $CNY to buy ??????
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hlfoo2010
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03-Dec-2015 13:31     
 
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Which ones?????

 
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earlybird14
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03-Dec-2015 12:50     
 
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Sembmar can bring all his clients to courts. But even they win the case, can they take anything back from a company going to bankrupt?

ysh2006      ( Date: 03-Dec-2015 11:20) Posted:

If tomorrow another news Brazil side no money to pay their yard can SMM sue Brazil..?
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Octavia
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03-Dec-2015 11:38     
 
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WTI Crude Crashes Below $40 On OPEC Delegate " No Cut" Comments



Amid the biggest single-day drop in two months, WTI Crude has been hammred back below once again as a cooling realization washes across the energy complex that Saudi Arabia will make no changes at this week' s OPEC meeting (delegate quoted as saying" OPEC unlikley to cut if non-OPEC is not cutting," ) leaving a grossly over-supplied (and over-leveraged Shale drillers) world to flounder...

 

From Monday' s spike on hopes of more China stimulus to yesterday' s insane swings on algo stop-runs and economic data carnage, oil has been volatile but today' s bloodbath following OPEC member comments that Saudi will not budge followed by DOE data indicating further demand weakness, production rises, and inventory surges...

And then this...
  • SENIOR OPEC DELEGATE SAYS OPEC UNLIKELY TO CUT IF NON-OPEC IS NOT CUTTING
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ysh2006
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03-Dec-2015 11:20     
 
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 Alert Admin 		If tomorrow another news Brazil side no money to pay their yard can SMM sue Brazil..?
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earlybird14
Supreme
03-Dec-2015 11:16     
 
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Another Temasek baby down. billion dollars need to inject to this baby if oil price still stay low. jialat, poor risk management.

Octavia      ( Date: 03-Dec-2015 11:11) Posted:



No end to woes after another rig hit by standstill agreement
Sembcorp Marine (SMM) has been hit with another delivery deferral after it announced a standstill agreement with North Atlantic Drilling (NAD) until Jun &lsquo 16.

The US$568m rig was commissioned in Apr &lsquo 12 and was originally slated to be delivered in 1Q15 for deployment in the North Sea and the Barents Sea, but the delivery has since been deferred. 

As such, the rig is likely to be almost 100% completed and SMM would have recognized most of the profits. Assuming a EBIT margin of 10-12%, full provisioning for this rig could exceed $70m.

The standstill agreement allows NAD to continue looking for a drilling charter and gives SMM the right to seek out potential buyers for the rig.

In the event none of the above transpires by Jun ' 16, both NAD and SMM will form a joint asset holding company to jointly own the rig with NAD holding a 23% stake while SMM will hold the remaining 77%. 

This clanger comes just after the group issued a profit warning that it expects to record a net loss for 4Q15 just two months into the quarter, blaming it on a depressed offshore environment and delivery deferrals. 

Market watchers are now increasingly focusing on SMM&rsquo s rising unbilled receivables due to deferred payment terms, particularly with the difficulty clients are facing in raising funds and securing chartering contracts. 

SMM&rsquo s net receivables has risen by more than four-fold since 2013 to about $2.8b as at 9M15 (almost 90% of total equity). 

Aside from this latest episode, the following issues continue to plague SMM,
1) Rig cancellation dispute with Marco Polo Marine
2) Further order deliveries/cancellations
3) Brazilian exposure with no payments from the customer since Nov &lsquo 14

SMM is currently trading at 13.59x forward P/E. The street has 3 Buy, 6 Hold and 14 Sell ratings on the counter with a consensus TP of $1.96.

 

 

 

 

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Octavia
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03-Dec-2015 11:11     
 
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No end to woes after another rig hit by standstill agreement
Sembcorp Marine (SMM) has been hit with another delivery deferral after it announced a standstill agreement with North Atlantic Drilling (NAD) until Jun &lsquo 16.

The US$568m rig was commissioned in Apr &lsquo 12 and was originally slated to be delivered in 1Q15 for deployment in the North Sea and the Barents Sea, but the delivery has since been deferred. 

As such, the rig is likely to be almost 100% completed and SMM would have recognized most of the profits. Assuming a EBIT margin of 10-12%, full provisioning for this rig could exceed $70m.

The standstill agreement allows NAD to continue looking for a drilling charter and gives SMM the right to seek out potential buyers for the rig.

In the event none of the above transpires by Jun ' 16, both NAD and SMM will form a joint asset holding company to jointly own the rig with NAD holding a 23% stake while SMM will hold the remaining 77%. 

This clanger comes just after the group issued a profit warning that it expects to record a net loss for 4Q15 just two months into the quarter, blaming it on a depressed offshore environment and delivery deferrals. 

Market watchers are now increasingly focusing on SMM&rsquo s rising unbilled receivables due to deferred payment terms, particularly with the difficulty clients are facing in raising funds and securing chartering contracts. 

SMM&rsquo s net receivables has risen by more than four-fold since 2013 to about $2.8b as at 9M15 (almost 90% of total equity). 

Aside from this latest episode, the following issues continue to plague SMM,
1) Rig cancellation dispute with Marco Polo Marine
2) Further order deliveries/cancellations
3) Brazilian exposure with no payments from the customer since Nov &lsquo 14

SMM is currently trading at 13.59x forward P/E. The street has 3 Buy, 6 Hold and 14 Sell ratings on the counter with a consensus TP of $1.96.

 

 

 

 
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granto
Master
03-Dec-2015 10:53     
 
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This is exteremly bad news, last thing a yard wants is to become an asset owner...

North Atlantic Drilling and Sembcorp Marine reach standstill agreement on semi-sub:  http://splash247.com/north-atlantic-drilling-and-sembcorp-marine-reach-standstill-agreement-on-semi-sub/
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spore1
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03-Dec-2015 10:44     
 
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 Alert Admin 		If 1.90 cannot hold .it will soon visit 1.80.
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ecekca
Elite
02-Dec-2015 20:56     
 
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Back to sembmarine please....

SMM down 4.4% today.. i reckon it will head lower. Volume is also high today
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earlybird14
Supreme
02-Dec-2015 16:16     
 
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next resource? got wah, shale oil loh. not only US has, every country also has shale oil, just lacking of technology only. 

littleones      ( Date: 02-Dec-2015 16:09) Posted:

You wait till your current source runs out before you find the next source?

Nevermind. You win

earlybird14      ( Date: 02-Dec-2015 15:45) Posted:



World oil reserves (proven reserve) can supply the world another 30-40 years based on present demand. 30-40 years later, may be no more sembmar or sembmar doing something else. Deep sea or other undiscovered oil reserve is for next or next next generation or may be they don' t really need oil anymore at that time. 

So, is it too long to think about this possibility long term? 

The main cause of rigs over supply is mainly due to QE, easy money to loan for billion projects. I don' t really think the best period will come again at least next 10 years. Before this boom, majority rigs are 30-40 years old, you can really think how long a rigs can be used for. 


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littleones
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02-Dec-2015 16:09     
 
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 Alert Admin 		You wait till your current source runs out before you find the next source?

Nevermind. You win

earlybird14      ( Date: 02-Dec-2015 15:45) Posted:



World oil reserves (proven reserve) can supply the world another 30-40 years based on present demand. 30-40 years later, may be no more sembmar or sembmar doing something else. Deep sea or other undiscovered oil reserve is for next or next next generation or may be they don' t really need oil anymore at that time. 

So, is it too long to think about this possibility long term? 

The main cause of rigs over supply is mainly due to QE, easy money to loan for billion projects. I don' t really think the best period will come again at least next 10 years. Before this boom, majority rigs are 30-40 years old, you can really think how long a rigs can be used for. 

littleones      ( Date: 02-Dec-2015 15:15) Posted:

Currently, most proven oil reserves come from onshore wells, with the exception of North Sea wells. With 70% of the world covered by water, what makes you think the world's oil are from onshore well?

Most of the current onshore reserve is estimated to run out in 50 years. If big oil companies don't start exploring the sea then what?

Currently there is no incentive to explore in the sea because of the low oil prices. But when the push come to shove, you do not want to be caught unprepared. Oil price is held artificially low for a reaso
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earlybird14
Supreme
02-Dec-2015 15:45     
 
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World oil reserves (proven reserve) can supply the world another 30-40 years based on present demand. 30-40 years later, may be no more sembmar or sembmar doing something else. Deep sea or other undiscovered oil reserve is for next or next next generation or may be they don' t really need oil anymore at that time. 

So, is it too long to think about this possibility long term? 

The main cause of rigs over supply is mainly due to QE, easy money to loan for billion projects. I don' t really think the best period will come again at least next 10 years. Before this boom, majority rigs are 30-40 years old, you can really think how long a rigs can be used for. 

littleones      ( Date: 02-Dec-2015 15:15) Posted:

Currently, most proven oil reserves come from onshore wells, with the exception of North Sea wells. With 70% of the world covered by water, what makes you think the world's oil are from onshore well?

Most of the current onshore reserve is estimated to run out in 50 years. If big oil companies don't start exploring the sea then what?

Currently there is no incentive to explore in the sea because of the low oil prices. But when the push come to shove, you do not want to be caught unprepared. Oil price is held artificially low for a reason

earlybird14      ( Date: 02-Dec-2015 14:57) Posted:



???? World oil reserves? under the sea? This is based on your assumption.

Only discovered oil field can be considered as " oil reserves" , majority is still at land base.

 


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littleones
Veteran
02-Dec-2015 15:31     
 
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 Alert Admin 		Shale oil production is environmentally unfriendly due to ground water contamination. It is also cheaper to produce offshore than shale oil.

nova900      ( Date: 02-Dec-2015 15:26) Posted:



This was true until shale oil reserves came into the picture. You can add another 50 to 100 years supply from shale reserves.

Deepsea exploration and drilling has and already is being explored. Its just not profitable atm leadin to reduction in rigs and engineers. Why would O& G companies explore unprofitable options?

littleones      ( Date: 02-Dec-2015 15:15) Posted:

Currently, most proven oil reserves come from onshore wells, with the exception of North Sea wells. With 70% of the world covered by water, what makes you think the world's oil are from onshore well?

Most of the current onshore reserve is estimated to run out in 50 years. If big oil companies don't start exploring the sea then what?

Currently there is no incentive to explore in the sea because of the low oil prices. But when the push come to shove, you do not want to be caught unprepared. Oil price is held artificially low for a reaso
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nova900
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02-Dec-2015 15:26     
 
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This was true until shale oil reserves came into the picture. You can add another 50 to 100 years supply from shale reserves.

Deepsea exploration and drilling has and already is being explored. Its just not profitable atm leadin to reduction in rigs and engineers. Why would O& G companies explore unprofitable options?

littleones      ( Date: 02-Dec-2015 15:15) Posted:

Currently, most proven oil reserves come from onshore wells, with the exception of North Sea wells. With 70% of the world covered by water, what makes you think the world's oil are from onshore well?

Most of the current onshore reserve is estimated to run out in 50 years. If big oil companies don't start exploring the sea then what?

Currently there is no incentive to explore in the sea because of the low oil prices. But when the push come to shove, you do not want to be caught unprepared. Oil price is held artificially low for a reason

earlybird14      ( Date: 02-Dec-2015 14:57) Posted:



???? World oil reserves? under the sea? This is based on your assumption.

Only discovered oil field can be considered as " oil reserves" , majority is still at land base.

 


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