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Sembcorp Marine up on Brazil shipyard deal

Article-Sembcorp Marine up on Brazil shipyard deal

Sembcorp Marine up on Brazil shipyard deal

Singapore: Sembcorp Marine extended gains for a fourth day after the rig-maker signed an agreement with Mac Laren Shipyard to operate a shipyard in Brazil, Reuters reported.
The world's second-biggest rig-builder, rose as much as 4.9 percent to S$4.05, with over 5.9 million shares traded.
Sembcorp Marine will also collaborate with Brazil's Mac Laren for all future offshore oil and gas projects in the Latin American country, the firm said in a statement on Thursday. "SMM's (Sembcorp Marine) main rival Keppel has a Brazilian yard...and this latest alliance puts SMM on par with Keppel when bidding for Petrobras contracts," Citigroup said in a client note.
Keppel Corp's shares only rose as much as 1.4 percent to S$11.66 with a volume about 2 million shares.
Analysts said earlier this week Sembcorp Marine and Keppel could benefit from a new Petrobras oil discovery in Brazil. [18/4/08]

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