Penguin International

[Dosser]

I noticed that the company lists 'offshore windfarm support vessels' under its new build-to-order programme. I have been wondering for some time if the company was going to provide support to the offshore windfarm industry, which is expanding fast in many countries. I don't see any obvious designs especially for this purpose on the company web-site, so is this just a standard model, perhaps with some minor adjustments, or is the company limiting information on this for competitive reasons? I do see a new ferry design (the Flex Ferry X) for 2019. Anyway, the evolution of the company beyond the core business of supporting offshore oil and gas is obviously a continuing trend.

[Squirrel]

Good set of results. What I am looking at is the increasing Contract Assets and Liabilities Quarter on Quarter compared to Q3 and definitely against history. Does that indicate more works in the books than historically?

[dydx]

Penguin's very positive FY18 result makes interesting reading...
https://links.sgx.com/FileOpen/Penguin_4...eID=544434

3 things strike me:
1) The asset-heavy and capital intensive Ferry & Charter Services segment has turned nicely profitable, delivering a segment pretax profit of $12.935m (vs. $4.599m in FY17) including a $4.0m dividend income from group affiliates, on a total revenue of $24.812m (+18% YoY). This revenue stream appears sustainable.
2) Back by a sharp rise in external revenue to $82.54m (+40% YoY), the Shipbuilding & Repair segment has delivered a strong profit turnaround with a pretax profit of $5.29m (vs. a pretax loss of -$1.012m in FY17). The sharp rise of Other payables and accruals balance (which includes advance payments and deposits received on new shipbuilding contracts) as at 31Dec18 to $23.79m (vs. $11.63m as at 31Dec17) indicates a healthy new boats order backlog.
3) Penguin booked a higher gain from disposal of PPE (mainly boats in Penguin's charter fleet) of $5.559m (vs. $3.072m in FY17) on disposal proceeds of $20.052m (vs. $12.778m in FY17). This is a strong indication that there has been growing demand even for Penguin's used boats, which can be sold at a decent gain over their corresponding depreciated book values.

Overall, a set of solid results and very good performance indeed.

[chialc88]

1.25 cents dividend


...
The firefighting capability is designed to be fully redundant with three monitors 
and three pumps interconnected with a total discharge flow rate of 3600 m3/h. 
The vessel is equipped with mission-enabling features such as self-spray protection, 
foam system, and ability to be used as a pump station to support larger-scale landside operations.

Another safety-critical feature of the vessel is the vessel’s superstructure that has been 
designed as an airtight citadel to protect those ‘within’ from the potential dangers of 
CBR agents being released in the atmosphere. 
The CBR system is provided with 100% redundancy on filtration and air-conditioning equipment. 
Along with the in-built and fully integrated CBR system, 
the vessel is fit with a decontamination room and 2 air locks access to the citadel. 
The vessel’s survivability design aspects are built to protect professional crew and 
rescued passenger against any such CBR-contamination effects.
link to BMT on design spec

[luckystar]

1.25 cents dividend


...
The firefighting capability is designed to be fully redundant with three monitors 
and three pumps interconnected with a total discharge flow rate of 3600 m3/h. 
The vessel is equipped with mission-enabling features such as self-spray protection, 
foam system, and ability to be used as a pump station to support larger-scale landside operations.

Another safety-critical feature of the vessel is the vessel’s superstructure that has been 
designed as an airtight citadel to protect those ‘within’ from the potential dangers of 
CBR agents being released in the atmosphere. 
The CBR system is provided with 100% redundancy on filtration and air-conditioning equipment. 
Along with the in-built and fully integrated CBR system, 
the vessel is fit with a decontamination room and 2 air locks access to the citadel. 
The vessel’s survivability design aspects are built to protect professional crew and 
rescued passenger against any such CBR-contamination effects.
link to BMT on design spec

[luckystar]

Any idea how many more of such highspeed fire fighting vessels they are building? Does it have any other customers for such? Thanks

[chialc88]

Penguin Shipyard delivered a new high-speed firefighting boat to SCDF
link to Baird Maritime



fit for deployment in areas with chemical, biological, or radioactive contamination as well as for conducting rescue missions and rapid response aid operations.
has a length of 35 metres, a rescued passenger lounge for up to 30 people, three firefighting pumps with a discharge flow rate of 3,600 cubic metres per hour, and the ability to launch and recover a rigid hull inflatable boat (RHIB).



Can Penguin fly?

[Squirrel]

Latest AR is out. The AR mentions that

"In the past year or so, we have secured and/or executed new orders for Fire Fighting Search-and-Rescue vessels for Singapore, patrol boats for Australia, windfarm support vessels for Taiwan and a passenger ferry for Africa, while continuing to build stock Flex Fighter security boats for Nigeria and Flex crewboats for our own operating fleet in Southeast Asia. To cope with the higher workload, we are building a fifth workshop in our Batam shipyard."

Seems like the hiring was a good indication of all the activities.

Operations Highlights

• Secured design-and-build orders for seven patrol boats for Australia, two windfarm support vessels for Taiwan and a passenger ferry for Africa.
• Delivered first of two FiFi-1 Classed Fire Fighting Search-and-Rescue Vessels to the Singapore Civil Defence Force. The second vessel is scheduled for delivery in 2Q2019. Both vessels will be maintained by Penguin under a long-term maintenance agreement.
• Delivered seven Flex Fighters to various owners and two Flex-42X Executive Fast Crew Boats to Penguin’s own chartering entities.
• Sold six vessels from the group’s operating fleet, comprising three passenger ferries and three crewboats

In their words, they are in "a good place".

An opportune time to buy in to an undervaleud company? Maybe.

[luckystar]

1.25 cents dividend


...
The firefighting capability is designed to be fully redundant with three monitors 
and three pumps interconnected with a total discharge flow rate of 3600 m3/h. 
The vessel is equipped with mission-enabling features such as self-spray protection, 
foam system, and ability to be used as a pump station to support larger-scale landside operations.

Another safety-critical feature of the vessel is the vessel’s superstructure that has been 
designed as an airtight citadel to protect those ‘within’ from the potential dangers of 
CBR agents being released in the atmosphere. 
The CBR system is provided with 100% redundancy on filtration and air-conditioning equipment. 
Along with the in-built and fully integrated CBR system, 
the vessel is fit with a decontamination room and 2 air locks access to the citadel. 
The vessel’s survivability design aspects are built to protect professional crew and 
rescued passenger against any such CBR-contamination effects.
link to BMT on design spec

Latest AR is out. The AR mentions that

"In the past year or so, we have secured and/or executed new orders for Fire Fighting Search-and-Rescue vessels for Singapore, patrol boats for Australia, windfarm support vessels for Taiwan and a passenger ferry for Africa, while continuing to build stock Flex Fighter security boats for Nigeria and Flex crewboats for our own operating fleet in Southeast Asia. To cope with the higher workload, we are building a fifth workshop in our Batam shipyard."

Seems like the hiring was a good indication of all the activities.

Operations Highlights

• Secured design-and-build orders for seven patrol boats for Australia, two windfarm support vessels for Taiwan and a passenger ferry for Africa.
• Delivered first of two FiFi-1 Classed Fire Fighting Search-and-Rescue Vessels to the Singapore Civil Defence Force. The second vessel is scheduled for delivery in 2Q2019. Both vessels will be maintained by Penguin under a long-term maintenance agreement.
• Delivered seven Flex Fighters to various owners and two Flex-42X Executive Fast Crew Boats to Penguin’s own chartering entities.
• Sold six vessels from the group’s operating fleet, comprising three passenger ferries and three crewboats

In their words, they are in "a good place".

An opportune time to buy in to an undervaleud company? Maybe.

But no mention of what it intends to do with Marco Polo Marine. 

Supposed to be synergistic when it invested in Marco Polo Marine. But so far haven't heard any concrete development plans yet.

[luckystar]

Need to question Penguin management at AGM whether MarcoPolo Marine investment is a writeoff or what? Company should come out to say something about its plan for THAT investment.