Categorized | Singapore Trading News

Singapore Stocks, Sembcorp Marine, Keppel Corp

Singapore will open lower and it will be a great opportunity to buy quality. Sembcorp

Sembcorp Marine, one of the world’s largest rig-builders, said yesterday that its Jurong Shipyard unit has signed two contracts worth a total of US$427.6 million (S$539 million) to build two jackup rigs for United States offshore driller Noble Corporation.

The rigs are scheduled for delivery in the third quarter of 2013 and the first quarter of 2014, Sembcorp Marine said in a filing to the Singapore Exchange.

Sembcorp Marine said the rigs will be suitable for operations in challenging environments and harsh conditions, including extreme temperature areas such as in the Middle East and in the North Sea. The rigs will be capable of operating in waters of 400 ft and drilling to depths of 30,000 ft.

Singapore’s Keppel Corp , the world’s largest oil rig builder, said on Sunday that Jasper Investments had exercised an option to order a second jackup rig worth $180 million.

The KFELS B Class rig, which will be able to operate in water depths of 400 feet and drill up to 30,000 feet deep, will be delivered in the first half of 2013.

Jasper, a Singapore-based investment firm, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas companies.

The Singapore the central bank will release its half-yearly monetary review on April 14 and is widely expected to tighten policy further, allowing the local currency to strengthen some more to combat imported inflation.

Separately, the government will release the city-state’s first quarter advance GDP growth estimates on the same day. Both releases are scheduled for 8.00am.

The Monetary Authority of Singapore (MAS) may either sanction a small, immediate jump in the local dollar or signalling it will let the currency rise at a faster pace over time, a poll of economists by Reuters showed.

Inflationary pressures stemming from higher oil prices and a tight job market may prompt the MAS to tighten policy further, despite potential weakness in the global economy arising from problems in Japan and the Middle East, economists said.

However, the MAS is unlikely to act as aggressively as economists had expected back in February when the government raised its 2011 inflation outlook, a move that sparked a rally in the Singapore dollar.

In Singapore the Straits Times Index closed at 3,171.65, up 0.04 per cent, or 1.32 points.

About 1.6 billion shares exchanged hands.

Gainers beat losers 244 to 206.

Adapted from Ebeling Heffernan

Leave a Reply

 

Symbol Bid Ask Spread
EURUSD 1.18290 1.18310 2
GBPUSD 1.31690 1.31720 3
USDCAD 1.24810 1.24840 3
USDJPY 112.430 112.450 2
USDCHF 0.97540 0.97570 3
AUDUSD 0.78640 0.78670 3
NZDUSD 0.70220 0.70270 5
EURGBP 0.89800 0.89830 3
EURCHF 1.15390 1.15420 3
EURJPY 133.000 133.030 3
AUDJPY 88.420 88.470 5
GBPJPY 148.060 148.120 6
XAUUSD 1285.56 1285.96 40
XAGUSD 16.969 17.019 5