Brokers' take
Sembcorp Marine | Buy Oct 9 close: S$1.815 Target price: S$1.98 OCBC Investment Research, Oct 9
Sembcorp Marine announced on Friday that PPL Shipyard has signed agreements for the sale of nine Pacific Class 400 jackup drilling rigs to Borr Drilling for a total of about US$1.3 billion (about S$1.77 billion or US$144 million per rig) plus a market-based fee calculated based on an uplift in value of the rigs sold.
Borr will take delivery of the nine rigs progressively over a 14-month period from Q4 2017 to Q1 2019, and will make an upfront down payment of about US$500 million; the balance US$800 million will be paid at any time within five years from the respective delivery dates of the rigs. The nine rigs include all six rigs from contracts PPL had earlier terminated with its origin…
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