SINGAPORE (May 22): CGS-CIMB Securities is keeping Sembcorp Marine at “add” with $2.52 target price after it won the Shell Vito semi-sub floating production unit (FPU) contract.
Awarded by Shell Offshore Inc, SembMarine will build and integrate the hull, topsides and living quarters of the unit as well as install Shell-furnished equipment.
Given equipment will be supplied by the owner, CGS-CIMB estimates the contract value to be US$300 million ($402 million), bringing year-to-date order wins to $900 million versus its $3 billion target for FY18 ended Dec.
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