Sembcorp Marine's orderbook hits $3.8b

Thanks to its recent US$145m deal.

Sembcorp Marine announced that it has secured hull carry over works related to the FPSO P-68 Tupi project at its Brazilian yard worth USD145m. According to RHB, it estimates its current orderbook to stand at around S$3.8b.

“As the amount of the contract falls within our expectations of orderbook replenishment, we make no changes to our earnings at this juncture,” RHB said.

Here’s more from RHB:

Carry over works for the Floating Production Storage and Offloading (FPSO) P-68. Sembcorp Marine announced that its wholly owned Brazilian subsidiary, Estaleiro Jurong Aracruz, has secured hull carry over works worth USD145m from Tupi BV for the FPSO P-68 Tupi project.

Recall that in July 2012, Tupi BV awarded Sembcorp Marine the contract for the modules construction and integration of FPSO P-68 along with FPSO P-71 worth US$674m.

We estimate Sembcorp Marine’s current orderbook to stand at S$3.8b, with projects ranging across drilling and non-drilling solutions.

YTD, the company has secured around S$265m worth of orderbook replenishment coming from the offshore platforms and floating solution segments. We estimate the company to be able to add another S$250m to its orderbook in FY17.