Recession in 2013?

[Zlatan Ibrahimovic]

USD 19.90 is a lot of money to you meh? Can't even pay for brokerage. Typical SINKIE boastful bystander.

LOL I hit a raw nerve everytime i mention about forum donation. Another victory for me.

 

[TracyTan866]

Existing got makeshift tentage in scrubs near Jurong/Tuas. No sanitation nor water, make do with wet swipes. Upgrade in the offing? Impressed by your intel :p

they do it in the open?

 

[TracyTan866]

not nax few days ... but nax few weeks! ...

maybe..depends on the severity of the incident.\

could also be just knee jerk reaction

 

[TracyTan866]

u can try sel n buy back later ...

dun brame me if it backfires, hor! ... it cud happen dat after u sold, nax day it chiong up thru ze roof! ...

i normally dun buy and sell so quickly..i set a profit target...and only sell when hit the target

 

[erection2015]

ah ok...i slowly buy ....wont jump in with both feet and eyes closed.

it cud go all ze way down 2 iz lowest in nov ...

 

[jubilee1919]

i guess if the fundamentals are good and if there are no serious inherent design issues with the new rigs then....a little nibbling along the way down

would be a good startegy.

It happened on a new rig, one of the 2 on order in 2010 which SemCorp got a contract for which was worth 440 million dollars I think. There was an option for another 2 after these 2 were completed.

 

[po2wq]

i normally dun buy and sell so quickly..i set a profit target...and only sell when hit the target

watz ur target? ...

 

[erection2015]

oh heck ....hope its not a design flaw....0therwise the share price may go thru the floor :(

It happened on a new rig, one of the 2 on order in 2010 which SemCorp got a contract for which was worth 440 million dollars I think. There was an option for another 2 after these 2 were completed.

 

[jubilee1919]

oh heck ....hope its not a design flaw....0therwise the share price may go thru the floor :(

Jurong Shipyard has issued the following statement regarding the oil rig accident that occurred earlier today:



An incident occurred this morning at approximately 10.30 am during a jacking test onboard one of the jack-up rigs under construction in Jurong Shipyard.

All personnel working onboard are accounted for with no fatalities. A total of 90 workers were sent to various hospitals for follow-up observations. As at 5.10 pm, 53 workers had been discharged with 4 admitted to hospitals for treatment and observation and the balance under review.

The shipyard is presently investigating the cause of the incident. As investigations are in progress, the company is unable to provide further details at this stage. Further statement will be made later.

and also,

The Ministry of Manpower has issued the following statement regarding an accident at Jurong Shipyard



The Ministry of Manpower (MOM) was informed of an accident at Jurong Shipyard Pte Ltd worksite at Tanjong Kling Road which occurred today (3 Dec).

Preliminary findings indicate that the jack-up mechanism of one of the legs of a three-legged jackup rig had failed, causing the rig to tilt to one side.

Some 90 workers have been sent to 4 hospitals - the majority had minor injuries with one worker in a critical condition and 22 seriously injured.

Officers from MOM's Occupational Safety and Health Inspectorate responded immediately and are on-site investigating the accident.

All work has stopped at the listing rig.

We will provide a further update on the situation later this evening.

 

[TracyTan866]

ah ok...i slowly buy ....wont jump in with both feet and eyes closed.

good decision..have some spare capital and level down if necessarily

 

[TracyTan866]

short and sharp initial summary from MOM..hope more details will be made known by SMM

 

[erection2015]

if it was just the jack up mechanism in 1 of the legs then its probably not design related in which case its not too bad for the product and by extension the business and share price.

Lets see how this unfolds.

Preliminary findings indicate that the jack-up mechanism of one of the legs of a three-legged jackup rig had failed, causing the rig to tilt to one side.

We will provide a further update on the situation later this evening.

 

[TracyTan866]

if it was just the jack up mechanism in 1 of the legs then its probably not design related in which case its not too bad for the product and by extension the business and share price.

Lets see how this unfolds.

yes, i hope it is just a random incident and not a design problem. that way the repercussion will not be too great and price shd recover because of fundamentals

 

[jubilee1919]

if it was just the jack up mechanism in 1 of the legs then its probably not design related in which case its not too bad for the product and by extension the business and share price.

Lets see how this unfolds.

Delays will affect the contract price among other considerations. It is normal to have special clauses relating to delayed deliveries in a contract such as this one. The owner may also in turn have a contract to fulfill with their clients which might stipulate such an event.

For sure SemCorp will pay dearly for this accident.

 

[erection2015]

yes ...such an incident would present a good buying opportunity actually....the price would bounce back up after those who cant or

wont hold have sold off. I dont mean to sound as if the human distress didnt matter...just speaking from an investment POV.

yes, i hope it is just a random incident and not a design problem. that way the repercussion will not be too great and price shd recover because of fundamentals

 

[jubilee1919]

The rig is probably meant for Seadrill and I may be off somewhat in my earlier post about it.

"Oct 18, 2010
Category: 2010
Sembcorp Marine's Jurong Shipyard Secures US$384 Million Contract To Build Two Jack-up Rigs With Options For Another Four Jack-up Rigs From Seadrill

Singapore, October 18, 2010: Sembcorp Marine's subsidiary Jurong Shipyard (JSPL) has secured orders of US$384 million for two turnkey jack-up rigs with options for another four jack-up rigs from Seadrill.

The total estimated value of the six jack-up rigs, including the four jack-up rig options is expected to surpass the US$1 billion mark. This contract with Seadrill will be the largest order of rigs to-date, reflecting the growing market segment for quality premium high specification jack-up rigs.

Scheduled for delivery in the fourth quarter of 2012 and the first quarter of 2013 respectively, the jack-up rigs represent the latest generation, high specification jack-up drilling rigs with greater capacities and capabilities than current conventional units. These rigs will be built based on the Friede & Goldman JU2000E design and are suitable for operations world-wide, including the southern North Sea. On completion, these new rigs will be capable of operating in waters of 400 feet and drill to depths of 30,000 feet. They will offer improved drilling efficiencies with off-line pipe handling, simultaneous operations support and are equipped with increased accommodation capacity."

http://www.sembcorpmarine.com.sg/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=306&cntnt01category_id=113&cntnt01returnid=78

Effectively, this means more delays expected for the 1st rig and also the 2nd rig. Best to wait for share prices to go down before making any decision.

 

[po2wq]

ah ok...i slowly buy ....wont jump in with both feet and eyes closed.

yr n cumming ...

ppl selling shares 2 buy gifts n presents n go 4 holidays ... coys selling shares 2 pay bonuses ...

 

[yinyang]

they do it in the open?

Digress.. but can anyhow relate to recession proof for this oldest profession :p

Search me, 2 cronies did it and lived to tell Resident hard-on guy can enlighten us, as he's moonlighting as lookout. Maybe he also sampled the offerings??!

 

[TracyTan866]

yes ...such an incident would present a good buying opportunity actually....the price would bounce back up after those who cant or

wont hold have sold off. I dont mean to sound as if the human distress didnt matter...just speaking from an investment POV.

good logic!

i think eventually SMM will go beyond $5..Set your target price and hold on until then. if doesnt reach your target price, just hold on and get dividends

 

[TracyTan866]

yr n cumming ...

ppl selling shares 2 buy gifts n presents n go 4 holidays ... coys selling shares 2 pay bonuses ...

company selling shares to pay bonuses sound not good