These two long-awaited orders came in at a higher price than the $8 billion–$9 billion some analysts expected. While Seatrium’s subsequent 1QFY2024 ended March business update before the market opened on May 28 was scant on financial details, most analysts have maintained their “buy” or equivalent calls and a few were even inspired to raise their respective target prices.
Singapore-listed offshore and marine (O&M) stocks surged this past week, driven by strong orders for Seatrium and Yangzijiang Shipbuilding. Rising shipping rates boosted the sector, with active trading seen in Mermaid Maritime (SGX:DU4
) , Cosco Corporation (Singapore) and Marco Polo Marine (SGX:5LY) although their prices remained relatively stable.
Seatrium got the buzz started last Saturday when it announced a whopping $11 billion order to build two new floating production storage and offloading (FPSO) platforms, dubbed P84 and P85, for longtime customer Petrobras, the national oil company of Brazil.
