one is deemed one is direct though
(15-09-2020, 12:49 PM)specuvestor Wrote: [ -> ]one is deemed one is direct though
Yes, Temasek's eff. stake had risen from Pre-RTsIss 30% (share in SCI's 61% stake in SCM) to current 42.6%-to-42.8%.
due to the
1128m excess RTshrs pickUp by SCI
and Startree pickingUp all the 1028m unsubscribed RTshrs.
Be interesting to see if Temasek further raise its stake in SCM
or swap this 42% stake for more KepCorp shares ??
Sembcorp Marine @ 20cents
Update on Impact of COVID-19 Phase 2 (Heightened Alert) Restrictions
The Company wishes to update shareholders that with the Phase 2 (Heightened Alert) restrictions introduced by the Singapore Government on 16 May 2021, the Group continues to face challenges in recruiting new skilled workers for its various projects. The Group has therefore been exploring alternative sources for skilled workers, which is likely to incur increased manpower costs for some of its ongoing projects.
https://links.sgx.com/FileOpen/Announcem...eID=670488
Projects Under Execution as at 31 Mar 2021
Renewables Solutions
• Ørsted - Hornsea 2 Offshore Wind Farm: Offshore Substation and Reactive Compensation Station Topsides
• Jan De Nul - Formosa 2 Offshore Wind Farm: Wind Turbine Jacket Foundations
• RWE Renewables - Sofia Offshore Wind Farm: Offshore Converter Platform
Process Solutions
• Equinor - Johan Castberg: Newbuild Floating Production, Storage and Offloading Vessel (FPSO)
• Shell Vito: Newbuild Floating Production Unit (FPU)
• Shell Whale: Newbuild FPU
• NOC - Gallaf Batch 2: Wellhead Platforms
• Tupi P-71: Newbuild FPSO
• Shapoorji: FPSO Conversion
Gas Solutions
• MOL - LNG Bunker Vessel
• TOTAL - Tyra Redevelopment Project: – Topsides and Bridges
• Technip Energies - Karish: Newbuild FPSO
• KARMOL - Karmol LNGT Powership Asia: Floating Storage & Regasification Unit (FSRU) Conversion and Upgrade
• Gasfin/NYK - Torman II: Floating Storage Unit (FSU) Conversion and Upgrade
Ocean Living Solutions
• Full Battery-operating Roll-on/Roll-off Passenger Ferries (Three units)
Advanced Drilling Rig Solutions
• Transocean Deepwater Atlas Drillship
• Transocean Deepwater Titan Drillship
https://links.sgx.com/FileOpen/SCM%20bus...eID=664640
From what I see, winning contract seems to be easier than returning to profit. Sembcorp Marine can continue to gain it's top line at the expense of bottom line.
Is this really sustainable?
The C19 operational challenges is almost writing on the wall, winning more contract is a something good? or bad?
Stay home and stay safe, everyone.
Two Announcements-
1) As expected potential merger of Keppel O&M and SCM
2) Unexpected rights at 8 cents per share at 3 rights for every 2 shares.
For 2), Temasek is willing to take up all excess rights up to 67.0%.
To me, this is massive dilution and I view it as Temasek is trying to eat up Sembcorp Marine on the cheap by diluting shareholders further. No basis for SCM as their balance sheet has been rather strong since last year's round of massive dilution.
SCM Rights Issue Presentation (Jun 2021) (sgx.com)
Agree and bad taste after just issuing rights at 20cts. I think M&A guy in Temasek might have been changed and not the usual gentleman Temasek anymore, after a distasteful Capitaland grab in my view.