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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Sembcorp Marine Ltd    SCMN   SG1H97877952

SEMBCORP MARINE LTD (SCMN)
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Sembcorp Marine : Sells Nine Drilling Rigs for Over $1.3 Billion

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10/06/2017 | 06:42pm CEST
By Gaurav Raghuvanshi 

SINGAPORE -- Sembcorp Marine Ltd. Friday said it has signed a deal worth over $1.3 billion with Borr Drilling Ltd. to sell nine jack-up oil drilling rigs.

The nine vessels will be delivered to Borr Drilling over the next 14 months. Borr Drilling will make an upfront payment of $500 million and their final price will include an additional market-based fee, the Sembcorp Marine said.

The rigs include six vessels for which contracts with original customers were terminated as they didn't take delivery due to weak demand from the oil exploration and production industry. Three of the rigs are currently under construction.

The sale will help ease Sembcorp Marine's liquidity position, the company said. The deal may also be a signal that demand may be returning for oil drilling rigs amid relatively higher average crude oil prices this year and need to replace old vessels.

Sembcorp Marine had announced on Wednesday that it was terminating a contract for three drilling rigs with Integradora de Servicios Petroleros Oro Negro, SAPI de CV after Oro Negro didn't take delivery of the vessels that had already been built.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
SEMBCORP MARINE LTD 4.44% 1.88 End-of-day quote.2.17%
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Financials (SGD)
Sales 2018 3 736 M
EBIT 2018 12,0 M
Net income 2018 -40,7 M
Debt 2018 2 730 M
Yield 2018 0,79%
P/E ratio 2018 -
P/E ratio 2019 70,68
EV / Sales 2018 1,78x
EV / Sales 2019 1,87x
Capitalization 3 929 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 2,13  SGD
Spread / Average Target 13%
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Managers
NameTitle
Weng Sun Wong President, CEO & Executive Director
Mohammed Hassan Marican Chairman
Cheng Tat Tan Chief Financial Officer
Khor Boon Goh Director-Group Finance
Chee Hing Chia Head-Information Technology