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SembMarine sale of 9 rigs at minimal loss gives brokers another reason to rerate stock

PC Lee
PC Lee10/9/2017 11:35 AM GMT+08  • 2 min read
SembMarine sale of 9 rigs at minimal loss gives brokers another reason to rerate stock
SINGAPORE (Oct 9): The sale of nine undelivered jackup rigs by Norwegian Borr Drilling is welcome relief for Sembcorp Marine, says CIMB.
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SINGAPORE (Oct 9): The sale of nine undelivered jackup rigs by Norwegian Borr Drilling is welcome relief for Sembcorp Marine, says CIMB.

The sale, coupled with improving net gearing and potential completion of Sete Brasil rigs, will be major re-rating catalysts for SembMarine, adds the research house.

“We keep our $1.5 billion order forecast,” says analyst Lim Siew Khee who has an “add” for the rig and shipyard with $2.51 target price.

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