STEng – BT
ST Engg lands $441m supply vessel job
ST Engineering’s US shipyard, VT Halter Marine, has secured a shipbuilding contract worth $441 million from New York-listed Hornbeck Offshore Services Inc.
Under the contract, VT Halter will construct eight 97.2 metre long offshore supply vessels (OSV) – the Super 320 – with options for up to 24 more, the company said yesterday.
The Super 320 design is an enlarged version of the 88-metre platform supply vessel, HOS Coral, which VT Halter delivered to Hornbeck in March 2009.
Particular attention to stringent regulations for environmental stewardship was given to the design of Super 320, which VT Halter had developed for Hornbeck.
The OSVs will include a double-hull that eliminates any fuel storage adjacent to the sideshell, and propulsion machinery that meets the requirements of EPA Tier 3 for stack emissions.
It will have about 20,900 barrels of liquid mud carrying capability, 1,102 square metres of deck area and a fire-fighting class notation.
These vessels will be constructed in VT Halter’s yards at Moss Point Marine and Halter Moss Point in Mississippi.
Construction of the first vessel is expected to commence in the first quarter of 2012 while engineering work has already begun.
Deliveries of the first and eighth vessels are planned for October 2013 and September 2014 respectively.
The first option for the additional vessels is required to be exercised by September 2012 and may be exercised individually or in a series.
Delivery dates for option vessels are about 26 months following the option exercise.
STEng – BT
ST Engg lands $441m supply vessel job
ST Engineering’s US shipyard, VT Halter Marine, has secured a shipbuilding contract worth $441 million from New York-listed Hornbeck Offshore Services Inc.
Under the contract, VT Halter will construct eight 97.2 metre long offshore supply vessels (OSV) – the Super 320 – with options for up to 24 more, the company said yesterday.
The Super 320 design is an enlarged version of the 88-metre platform supply vessel, HOS Coral, which VT Halter delivered to Hornbeck in March 2009.
Particular attention to stringent regulations for environmental stewardship was given to the design of Super 320, which VT Halter had developed for Hornbeck.
The OSVs will include a double-hull that eliminates any fuel storage adjacent to the sideshell, and propulsion machinery that meets the requirements of EPA Tier 3 for stack emissions.
It will have about 20,900 barrels of liquid mud carrying capability, 1,102 square metres of deck area and a fire-fighting class notation.
These vessels will be constructed in VT Halter’s yards at Moss Point Marine and Halter Moss Point in Mississippi.
Construction of the first vessel is expected to commence in the first quarter of 2012 while engineering work has already begun.
Deliveries of the first and eighth vessels are planned for October 2013 and September 2014 respectively.
The first option for the additional vessels is required to be exercised by September 2012 and may be exercised individually or in a series.
Delivery dates for option vessels are about 26 months following the option exercise.
SingTel – BT
SingTel to launch e-assessment books
FOLLOWING the launch of its e-book service – skoob – on Tuesday, Singapore Telecommunications (SingTel) yesterday announced plans to launch an e-assessment materials service – Skoob Go-easel – in January next year.
In collaboration with Popular Holdings, the new service will offer assessment books and study guides for Singapore’s primary and secondary school students via the Apple and Android tablets.
‘We believe e-learning is the way of the future. Skoob Go-easel complements our traditional paper book business by providing a powerful digital platform to reach a wider audience,’ said Chou Cheng Ngok, Popular’s chairman.
Skoob Go-easel will provide students with an experience that is similar to using paper assessment materials. It will also be equipped with time-saving features such as auto-marking and score analysis, and can provide students with model answers.
In addition, teaching guides will also be made available to help parents actively support their children’s learning. ‘We believe Skoob Go-easel will change the way students prepare for exams and help them to save precious time. The service will also allow busy parents to keep track of their children’s progress and performance more effectively,’ said Goh Seow Eng, SingTel’s chief of digital home.
Skoob Go-easel can be purchased using Singapore-issued credit cards, and SingTel customers may choose to have their purchases charged to their monthly bills.
The two listed companies said that they will explore ways to work with schools and the Ministry of Education (MOE) to offer a range of assessment papers, study guides and supplementary materials through the e-assessment service.
At the launch of skoob earlier in the week, Mr Goh said: ‘We believe skoob’s range of local study guides and educational books will be well received by school students, and we are looking to include assessment papers soon.’
He added that the telco is transforming from a provider of traditional telecommunications services to a multimedia solutions provider.
SingTel – BT
SingTel to launch e-assessment books
FOLLOWING the launch of its e-book service – skoob – on Tuesday, Singapore Telecommunications (SingTel) yesterday announced plans to launch an e-assessment materials service – Skoob Go-easel – in January next year.
In collaboration with Popular Holdings, the new service will offer assessment books and study guides for Singapore’s primary and secondary school students via the Apple and Android tablets.
‘We believe e-learning is the way of the future. Skoob Go-easel complements our traditional paper book business by providing a powerful digital platform to reach a wider audience,’ said Chou Cheng Ngok, Popular’s chairman.
Skoob Go-easel will provide students with an experience that is similar to using paper assessment materials. It will also be equipped with time-saving features such as auto-marking and score analysis, and can provide students with model answers.
In addition, teaching guides will also be made available to help parents actively support their children’s learning. ‘We believe Skoob Go-easel will change the way students prepare for exams and help them to save precious time. The service will also allow busy parents to keep track of their children’s progress and performance more effectively,’ said Goh Seow Eng, SingTel’s chief of digital home.
Skoob Go-easel can be purchased using Singapore-issued credit cards, and SingTel customers may choose to have their purchases charged to their monthly bills.
The two listed companies said that they will explore ways to work with schools and the Ministry of Education (MOE) to offer a range of assessment papers, study guides and supplementary materials through the e-assessment service.
At the launch of skoob earlier in the week, Mr Goh said: ‘We believe skoob’s range of local study guides and educational books will be well received by school students, and we are looking to include assessment papers soon.’
He added that the telco is transforming from a provider of traditional telecommunications services to a multimedia solutions provider.
SingTel – DBSV
Four key issues
• National Broadband Network will not hurt SingTel contrary to popular perception. Any potential divestment of Telkomsel to be neutral or positive
• Bharti is set to grow again although street may be overly optimistic while Optus faces competition in the near term
• Trading at 1-year forward PE of 13.0x below 13.2x historical average. Upgrade to BUY with revised TP of S$3.43 for resilient earnings and over 5% yield
Core plus Telkomsel & Bharti make up over 90%of group earnings. Singapore contributed about 32%, Optus 26%, Telkomsel 17% and Bharti 16% of FY11 earnings.
Market is overly worried about threat from NBN. There are three key factors here: (i) Porting limit of only 2400 connections per week for NetCo implies that full migration will take at least 8 years; (ii) NBN is not reaching fully inside corporate buildings due to resistance from building owners; (iii) Most importantly, SingTel gets 75% of NetCo revenue for allowing NetCo access to its network.
Optus is facing intense competition. Both Telstra and VHA have launched aggressive iPhone 4S plans, forcing Optus to follow suit. All telcos are offering extra subsidy of A$100 on mid-tier plans. Also potential cut in mobile termination rate in 2012F may have minor adverse impact.
Issues with Telkomsel & Bharti. Possible scenario of an all-cash sale of Telkomsel could be positive while other scenarios could be neutral to slightly positive. Meanwhile, Bharti is set for growth with Africa as the key driver; however street may be overly optimistic on India.
Upgrade to BUY with SOP based TP of S$3.43. The key change is higher valuation for Telkomsel in the light of improved competitive environment in Indonesia. Weaker regional currencies versus SGD would be the key downside risk to our TP.