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06-10-2017, 05:03 PM
Oro Negro (3rigs) and Perisai (2 rigs) have been mentioned in previously be technically accepted (or 98% completed), while MPM (1 rig) was rejected due to "too many cracks" but disputed by SCM (contract terminated and now under lawsuit i believe)...So all 6 rigs should just to be activated from some sort of cold stack condition, to start drilling.
Based on AR15, a 280mil SGD impairment was made for these 6 rigs (~1.25bil USD contract value) and no further impairment was made for FY16, although all profit recognition was reversed in FY15 when the rigs were delayed. Doesn't take a genius to figure out there will be another impairment coming up in FY17.
SCM had previously took over and operated a ARV3 (accommodation and repair vessel at 227mil) when its prior owner Equinox Offshore Brazil defaulted but it already had a 5year charter with Petrobras.
Based on AR15, a 280mil SGD impairment was made for these 6 rigs (~1.25bil USD contract value) and no further impairment was made for FY16, although all profit recognition was reversed in FY15 when the rigs were delayed. Doesn't take a genius to figure out there will be another impairment coming up in FY17.
SCM had previously took over and operated a ARV3 (accommodation and repair vessel at 227mil) when its prior owner Equinox Offshore Brazil defaulted but it already had a 5year charter with Petrobras.