Prospects for Singapore rig builders in 2010 look dim as sizeable orders for new rigs may not be placed until 2011, says Daiwa, according to Dow Jones Newswires.

Cites increasing pessimism among drillers about deepwater utilisation in 2010, concerns on whether Petrobras able to pull off its made-in-Brazil programme for 28 rigs.

“Both the bulls and the bears (among drillers) agreed that low-specification utilisation and day-rates would be challenged during the year, with owners lucky to contract any business.”

Notes risk of Petrobras changing terms of its 28-rig tender, which has been delayed to May from around end-1Q10.

Says shares of Singapore rig builders have run well ahead of fundamentals, especially when peak ordering cycle may not take place until 2012-2013. Adds, while Keppel Corp. (BN4.SG), Sembcorp Marine (S51.SG) will get more orders this year vs 2009, contract value and volume of work will be smaller.