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Shell Vito win keeps SembMarine at 'add' by CGS-CIMB

PC Lee
PC Lee5/22/2018 11:52 AM GMT+08  • 2 min read
Shell Vito win keeps SembMarine at 'add' by CGS-CIMB
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.
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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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