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Headliners | 26 November 2009
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By: David Lee
Articles (57) Profile

Singapore Oct CPI Down; But May Rise In Near Term
Singapore’s October CPI fell for a seventh consecutive month, down 0.8% on-year vs 0.4% drop in September due to lower housing and recreation costs, based on government data. The median forecast from a Dow Jones Newswires poll of seven economists was for CPI to have fallen 0.5% from a year earlier. Housing costs fell 4.7% due to lower electricity and gas tariffs as well as cheaper liquefied petroleum gas. Food costs rose 0.8%, while costs of transport and communication gained 0.6% due to cheaper gasoline prices. The costs of recreation and others dropped 1.9% due to lower holiday travel costs. However, prices may pick up in coming months given domestic economy showing signs of recovery, higher oil prices likely to push up transportation and accommodation costs.

AusGroup Awarded A$100m Contract
AusGroup announced the award of a A$100m contract by BHP Billiton Iron Ore. AusGroup’s Australian subsidiary, AGC Industries (AGC), was awarded the contract for the structural, mechanical, piping and heavy haulage of the Rapid Growth Project 5 at the company’s Yandi operation. The scope of work includes construction of an Ore Handling Plant, stockpile and conveyor systems; fabrication of 2,000 tonnes of conveyor components; and transportation of 43 structural modules – ranging from 100 to 300 tonnes – from Port Hedland to the Yandi mine site, located 140km northwest of Newman in Western Australia’s Pilbara region.

With this contract, the Group’s order book is A$500m, surpassing estimates of CIMB and OCBC Investment for FY10.
The deal comes a week after AusGroup announced A$34m contract to service repeat customer Woodside’s A$12b LNG project in Western Australia, which follows management’s guidance issued earlier this month that a number of projects previously deferred are now being revived.

Sembcorp Clinches US$1b Oman Contract
Sembcorp Industries (Sembcorp) announced that a joint venture formed between its fully-owned subsidiary Sembcorp Utilities and the Oman Investment Corporation has executed a 15-year contract to supply power and water to the Oman Power and Water Procurement Company, which is wholly-owned by the Government of Oman. The joint venture company, Sembcorp Salalah Power & Water Company, will be investing approximately US$1b to develop, build, own and operate the Salalah Independent Water and Power Plant (Salalah IWPP) in Oman. Sembcorp Salalah Power & Water Company is 60% owned by Sembcorp Utilities and 40% owned by the Oman Investment Corporation.

Targeted to begin full commercial operations in the first half of 2012, the Salalah IWPP will consist of a gas-fired power plant which will have a net capacity of 445 megawatts and a seawater desalination plant which will employ reverse osmosis technology to produce 15 million imperial gallons per day of water.

Keppel To Upgrade & Repair 2 Noble Drillships For US$304m
Keppel Offshore & Marine, through its subsidiary, Keppel FELS Brasil (Keppel), has secured contracts from Noble Corporation (Noble) to upgrade and repair two of Noble’s Brazil-based drillships for US$304m. The scope of work covers the fabrication, repair and replacement of components, including the stern section, accommodation blocks, sponsons and heliport. Work on the drillships, Noble Leo Segerius and Noble Roger Eason, will be done sequentially at Keppel’s BrasFELS yard in Angra dos Reis, beginning with the arrival of the first drillship by early 2011.

The two deliveries are scheduled between the last quarter of 2011 and the first half of 2012 respectively. Meanwhile, both parties are in advanced talks on the upgrading of a third Brazil-based drillship operated and majority-owned by Noble.

AusGroup  -- -- --   
Business: Co mainly provides subcontract services to the oilfield equipment manufacturing co in South East Asia. [FY16 Turnover] Projects (62.2%), maintenance Services (28.5%), fabrication & manufacturing (5.5%), port & marine Services (3.8%).

Insight: Nov-17, 1Q18 revenue increased by 53.6% due to the... Read More
Sembcorp Industries  2.110 +0.01 +0.48%   
Business: Primarily engaged in the production and supply of utilities services. [FY18 Turnover] Utilities (55.9%), marine (41.8%), others/corp (2.2%), urban development (0.1%).

Insight: May-19, 1Q19 revenue fell 10.1% to $2.5b due to lo... Read More

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