Sembcorp Marine (S51.SG) inches closer to $5.00 level, +0.6% at $4.99, recouping bulk of losses over last 3 weeks triggered by concerns company may have priced itself out of race for lucrative rig-building contracts to be awarded by Petrobras.

Rebound from low of $4.75 set in recent sessions to current levels suggests some investors haven’t given up on rig builder.

“It’s worth clarifying, following the opening of bids by Petrobras, that by no means does the lowest price guarantee a contract from Petrobras,” says CLSA, which has Outperform call, $5.25 target.