Sembcorp Marine (S51.SG) may pare some losses when market reopens after lunch, during break says its Jurong Shipyard unit secures $351 million contract to convert an oil tanker to floating production storage, offloading vessel; shares down 1.2% at $4.26 at midday, says Dow Jones.

 

Today’s win comes a day after its wholly-owned subsidiary Sembawang Shipyard secured long-term contract from Carnival for ship-repair, refurbishment, upgrading services for cruise vessels. Wednesday, stock gained over 5% on news of US$364 million ($476 million) batch of contracts, largest since 2Q10. 

 

SembMarine says vessel scheduled for delivery in 1Q 2012; contract not expected to have any material impact on consolidated NTA/share, EPS for year ending Dec. 31; resistance at last week’s $4.38 high, highest since Apr. 29, unlikely to be tested.