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Singapore yards still facing stormy weather: KGI Fraser

It has an "underweight" on sector, a "hold" call on Keppel, a "sell" call on Sembmarine

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Published Mon, Mar 16, 2015 · 09:50 PM

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    Weighed down

    Singapore

    AN oversupply of rigs amid a prolonged oil slump could mean stormy seas for Singapore shipyards over the next two years, brokerage KGI Fraser said in a report on Monday as it initiated coverage on the sector with an 'underweight' rating.

    KGI, formerly known as AmFraser, said that local rigbuilders face stiffer competition for limited orders and higher risks of order cancellations, and the rig oversupply situation is unlikely to improve anytime soon.

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