Ezra Holdings Limited announced that its subsea construction division, EMAS AMC, has been awarded two contracts from Statoil, for mooring chain and riser replacements in the North Sea on the Norwegian Continental Shelf. The combined contract value is estimated to be approximately NOK 425 million and up to NOK 600 million assuming contract options are exercised. (S$0.890, 0.565%)
Keppel Corp has secured a contract worth US$150m from Diamond Offshore Drilling (DO) to build a semi submersible rig from an existing vessel. It will construct and upgrade the moored semisubmersible rig with delivery scheduled for the third quarter of 2013. While this is not an order for a newbuild semi submersible, we view this as a possible precursor to a return of semisub orders. We have highlighted earlier that we believe there is significant pent up demand for semisubs on the back of strengthening fleet utilization rates, a shrinking oderbook from a dearth of new orders over the past 3 years, and a highly aged fleet. This contract marks Keppel Corp’s first order win for 2012, and raised its current orderbook to about S$9.4bn. Our order wins assumption is
S$6bn for FY12 and S$5bn for FY13.
KSH Holdings Limited announced that it has secured a contract worth S$110.28 million from Precious Sand Pte. Ltd., a joint venture company between a Far East Organization company and a Frasers Centrepoint Limited subsidiary, for the construction of Seastrand – a condominium development in Pasir Ris. With this new contract win, the existing order book of the Group’s construction business now tips over S$467 million. The project is for a total contract period of 30 months. (S$0.205, -2.381%)
CNMC Goldmine Holdings Limited announced that CMNM Mining Group Sdn. Bhd., a 81% owned subsidiary of the Group, had on 8 January 2012 entered into a contract with Sincan Juyuan Mining Sdn. Bhd., a wholly-owned subsidiary of Xiamen Shenkun Group Co., Ltd., for the mining and production of silver, lead and zinc at Manson’s Lode, an area of approximately 1.5 square kilometres at Sokor Mines, Kelantan, Malaysia. According to the Independent Technical Review report issued by Behre Dolbear Australia Pty Limited as provided in the offer document of the Company dated 18 October 2011, the Company reported that approximately 1.26 million ounces of silver, 9,200 tonnes of lead and 8,900 tonnes of zinc have been discovered in the said area. (S$0.47, 0.10%)
Eu Yan Sang is among a list of potential buyers for bankrupt Australian health products retailer Healthzone. The group had expressed interest in buying certain businesses of Healthzone, minus any liabilities. Eu Yan Sang already holds more than 16% of Australia-listed Healthzone. It has invested about S$7m to S$8m in Healthzone.
Synear Food expects to report a loss for its fourth quarter ended 31 Dec 2011 compared to the same period a year ago due to adverse publicity concerning a batch of its products. However, the firm expects its performance for the full year to remain profitable despite the estimated loss incurred for 4Q 2011.
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