Stock Market Today-Sembcorp Marine shares jump on deal to sell 9 rigs for US$1.3b

SINGAPORE - Sembcorp Marine shares surged 9.5 cents or 5.48 cents to S$1.83 on Monday morning (Oct 9) after it said it will proceed with the sale of nine jackup drilling rigs to Borr Drilling for US$1.3 billion (S$1.77 billion), or US$144 million per rig.

Although the sale will result in a loss of about S$15 million for SembMarine, it improves the rigbuilder's liquidity position.

Borr Drilling will make an upfront down payment of about US$500 million, with the balance of US$800 million to be paid at any time within five years from the respective delivery dates of the rigs.

The nine apparatuses sold incorporate every one of the six apparatuses from contracts which had been ended with its unique clients, and three apparatuses by and by under different phases of development finishing. 

In the previous two months, SembMarine had ended requests for five apparatuses with clients Oro Negro and Perisai; every unit was requested at about US$208 million out of 2013, said OCBC investigator Low Pei Han. 

Ms Low kept up a purchase approach SembMarine with a S$1.98 per share reasonable esteem assess on Monday.

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Stocks to Watch Today: Poh Tiong Choon, Addvalue, SembMarine, Genting HK

THE accompanying organizations saw new improvements that may influence exchanging of their offers on Wednesday: 

Poh Tiong Choon: Mainboard-recorded Poh Tiong Choon Logistics said before exchanging hours on Wednesday, Ernst and Young Corporate Finance has been selected as the autonomous monetary counsel to its chiefs with the end goal of a proposed purchase out offer esteeming the firm at S$275.5 million. Poh Tiong Choon last exchanged at S$1.295, up 0.5 Singapore penny. 

Addvalue Technologies: Addvalue Technologies doesn't know about any clarification for a spike in exchanging movement on Tuesday, however noted already declared plans to turn off an auxiliary, the versatile satellite interchanges organization said in answer to administrative inquiries. Addvalue has asked for the lifting of an exchanging end. It last exchanged at 4.5 Singapore pennies on Tuesday. 

Sembcorp Marine: Sembcorp Marine said before Wednesday exchanging hours its apparatus building unit, PPL Shipyard Pte Ltd, has ended contracts with Integradora de Servicios Petroleros Oro Negro, SAPI de CV and its auxiliary Oro Negro Vastus Pte Ltd for three lift rigs. SembMarine last exchanged at S$1.76. 

Genting Hong Kong: Genting HK is finishing its long history with the Singapore Exchange, hauling out of its optional mainboard posting and coming back to a solitary essential posting in Hong Kong, the journey administrator declared on Tuesday after the market shut. Genting HK shut level at US$0.25 on Tuesday.

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Singapore's STI up as DJIA exchanges record an area

SINGAPORE'S Straits Times Index opened up on Tuesday by 3.76 focuses or 0.12 for each penny at 3,265.86 focuses as at 9.02am as the Dow Jones Industrial Average list progressed to record an area overnight on Wall Street. 

Nearly 55.8 million offers changed hands, with exchanges totalling S$63.6 million in esteem. Gainers dwarfed failures 80 to 41. 

DBS Bank and CDL progressed as among top exchanged stocks. 

Dow Jones Industrial Average surged past the 20,000-stamp overnight, completing 0.68 for every penny at 22,557.6 focuses. Peppy desires on Q3 corporate income helped speculators shake off nerves from an enormous shooting in Las Vegas. 

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