Sembcorp Marine has penned SGD 2.8bn ($2.15bn) worth of new orders so far this year, with eight outstanding rig options worth another SGD 2bn expected to expire by the end of the first half of next 2012.
It is also in the running for additional projects, particularly in Brazil which is currently the main driver of FPSO demand.
OCBC Securities has given Sembcorp Marine the thumbs up after it sealed an FPSO conversion.
Sembcorp’s Jurong Shipyard will turn the 305,000-dwt tanker TAR II (built 1989) into a floating production storage and offloading unit, it announced this week.
The SGD 130m job for Japan’s Modec will be completed in the second quarter of 2013 when the unit will be deployed offshore Brazil.
The awards to date means Sembcorp has reached 62% of OCBC’s estimate for the year.