Posts: 763
Threads: 18
Joined: Apr 2012
Reputation:
18
Was rather disappointed that more info is not available regarding the impairment.
Is the impairment reasonable? With the lack of info, and the 3 ships are already built/ being built, 600 mio impairment does not seem a lot since the bulk of payment is usually due at delivery.
What about the rest of drill ships?
life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
Posts: 187
Threads: 17
Joined: Feb 2014
Reputation:
0
I have recently emailed their IR:-
Reply from SMB:
Sembcorp Marine has disclosed that the first 4 drillships are in the range of 50-90% completion. Not started on the last 3 units.
As for the basis of the provision for the Sete projects, Sembcorp Marine said that the provision takes into consideration the full extent of their exposure to the Sete contracts, including the unpaid invoices and construction progress, and amounts to be paid to their suppliers and vendors.
Vested in SCI
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
"The farther backward you can look, the farther forward you are likely to see."
Posts: 9,841
Threads: 711
Joined: Mar 2012
Reputation:
64
The move, will increase the competitiveness of the company, in the LNG sector...
(not vested)
SembMarine increases stake in Norway-based Gravifloat to 56%
SINGAPORE (March 9): Sembcorp Marine has increased its stake in Norway-based Gravifloat AS to 56%, which it intends to fully acquire eventually.
In a statement on Wednesday, SembMarine says it acquired a 44% stake in Gravifloat for US$38 million ($52.6 million), in addition to the 12% stake it already owns.
Under an agreement, the company will increase its stake by an additional 44% to 100% at the same price.
Gravifloat designs and holds parents for a suite of redeployable, modularised solutions based on its unique near-shore floating yet gravity-based LNG terminal solutions.
...
http://www.theedgemarkets.com/sg/article...vifloat-56
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
Posts: 187
Threads: 17
Joined: Feb 2014
Reputation:
0
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
"The farther backward you can look, the farther forward you are likely to see."
Posts: 1,767
Threads: 14
Joined: Jan 2011
Reputation:
15
21-04-2016, 10:18 PM
(This post was last modified: 21-04-2016, 10:20 PM by corydorus.)
Personally I believe the Singapore Market is relative small. Many of the counters can be "managed" up or down by sizeable funds. If is huge international fund I am also not surprised they can influence our whole market for some period of time with the help of other people money and leverages. Even insiders can control how they like their results to be reported. I will stay focus and nimble, while going for longer term investment horizon view in stock selection.
Posts: 187
Threads: 17
Joined: Feb 2014
Reputation:
0
Sembcorp Marine has commenced arbitration proceedings against Sete Brasil's subsidiaries.
Bankruptcy was somewhat expected as the 3.6b loan which had been renewed on numerous occasions, will expire in May.
http://infopub.sgx.com/Apps?A=COW_CorpAn...3a3673917e
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
"The farther backward you can look, the farther forward you are likely to see."
Homepage
PR Newswire
