Sembcorp Marine | Add Target price: S$1.87 Sept 12 close: S$1.59 CIMB Research, Sept 11

YEAR-TO-DATE orders touched S$270 million as SembMarine announced a US$145 million hull carry over works contract from Tupi BV for the FPSO P-68 project. The hull is an addition to the current contract that SembMarine secured in 2012 from Petrobras for the construction and integration of FPSO P-68.

We are keeping our S$1.5 billion order wins target, hoping to hear of more offshore conversion and Gravifloat contracts.