Sembcorp Marine scored a record $11b worth orders in 2012

Thanks to fat wins from Petrobras.

According to DBS, SMM’s orderbook stood at S$12.7bn as of end FY12. During the year, SMM secured a record S$11.0bn worth of orders, mainly due to the lumpy awards from Petrobras for 7 drillships and 2 FPSOs, worth an estimated S$7.9bn.

Including the recent S$900m LOI for an offshore platform for Detnorske oljeselskap ASA, this brings SMM’s current orderbook to a record S$13.6bn.

Here's more from DBS:

Looking ahead, we expect ex-Petrobras order intakes to normalise in 2013 on the back of more orders for deepwater rigs.

We see three main drivers: 1) strong end-user demand as available capacity over 2013/14 is gradually taken up; 2) favourable economics from stable yard prices for newbuild deepwater rigs against a strengthening market as deepwater rig day rates approach 2008’s peak rates; 3) replacement of aged units as younger, more modern rigs continued to be preferred.

Our FY13 order wins assumption of S$5.0bn is kept intact.

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