Three key risks seen from rig order default
Sete Brasil has six semi-submersible drilling units on order at Keppel O&M and seven drillships with SembMarine
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THE market will be waiting for indications from the release of the FY2015 report cards of two large-cap Singa-pore-listed offshore and marine (O&M) players about the extent of their financial exposure to a potential default of the Sete Brazil rig orders valued at a combined US$10 billion.
Red flags were hoisted on Keppel Corporation and Sembcorp Marine after news broke on Jan 8 on Sete Brasil's potential bankruptcy filing, which raised the default risks associated with the 13 ultra deep-water drilling units placed with the two Singapore-listed O&M players.
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