SINGAPORE (Nov 20): CIMB Research is not overly excited by the contract secured by Sembcorp Marine to build a new floating, storage and offloading (FSO) vessel for MODEC Offshore Production Systems (Singapore), a subsidiary of MODEC, Inc.

The research house estimates the contract value could be at US$150 million ($211.9 million) to US$180 million, with EBIT margin of 10%.

This brings year-to-date order win to about $3 billion and order book to about $11.8 billion, it says.

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