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Sembcorp Marine back in the black but drilling demand still weak

PC Lee
PC Lee7/28/2017 3:12 PM GMT+08  • 2 min read
Sembcorp Marine back in the black but drilling demand still weak
SINGAPORE (July 29): RHB is maintaining Sembcorp Marine on “neutral” with a target price of $1.65 on bets that the O&M player will to be able to play catchup in 2H17 with its projects at hand.
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SINGAPORE (July 29): RHB is maintaining Sembcorp Marine on “neutral” with a target price of $1.65 on bets that the O&M player will to be able to play catchup in 2H17 with its projects at hand.

RHB expects orderbook replenishment to continue to be slow in FY17 but could start to pick up in FY18, if the oil price continues to stabilise.

In a Thursday report, RHB says demand for drilling solutions is weak to almost non-existent, given oil prices continue to trade in the US$50-55/bbl band.

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