SembMarine is up 1% to $4.15 get a sentiment boost amid expected broader market gains after it finalised a contract with Prosafe for a second harsh-environment accommodation semi-sub worth US$295.2 million ($362 million) following an LOI in October; Prosafe has an option for one more unit.
OCBC notes SembMarine has secured $9.48 billion worth of orders year-to-date, accounting for 99.7% of the house’s full-year order-win target. “Fundamentally, we remain confident of SembMarine’s operational capabilities, and believe that its established track record puts it in good stead to secure orders from a still buoyant industry.”
It keeps a Buy call with $5.84 fair value.
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