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Reports Singapore

Singapore stock market and companies daily report (PMI, Keppel Corp, Loyz Energy) (March 04, 2014)

March 4, 2014, Tuesday, 06:14 GMT | 01:14 EST | 10:44 IST | 13:14 SGT
Contributed by Shares Investment

- Singapore’s Purchasing Managers’ index (PMI) hit a four-month high of 50.9 in February, up from 50.5 in January, as production output and inventory grew. A reading above 50 indicates that manufacturing sector activity is expanding overall, while figures below that level suggest a contraction.

- Keppel Corporation obtained a contract from TS Offshore, to construct an ultra-high specification jackup rig worth about US$500 million. Utilising the firm’s proprietary KFELS N Plus-designed rig, the rig is able to work in the deepest depths for the jack-up rig type. Including contract win, Keppel’s total new orders secured year-to-date stands at US$1.6 billion.

- Loyz Energy has agreed to acquire 20 percent interest in three offshore oil-producing concessions in Thailand for US$65 million ($81.9 million). Currently, the wells produce 1,200 to 1,400 barrels of oil per day (bpd). Loyz expects the production rate to rise to 3,000 to 5,000 bpd by December 2014. This marks Loyz’s first foray into oil-producing concessions, which it expects will deliver immediate returns and improve cash flows.

- Sino Construction received a letter of award for building and construction works on the proposed mixed commercial development cum bus terminal in Kota Kinabalu, Sabah, Malaysia. The contract, worth RM43.2 million, will commence in March 2014 and is expected to be completed in January 2016.

- Uni-Asia Holdings’ 51 percent-owned subsidiary, Regina Bulkship, agreed to acquire a 37,000 deadweight tonnage newbuilding handy bulk carrier from Imabari Shipbuilding for US$25 million. Separately, Regina has entered into a time charter agreement with Pacific Basin for a period of five years, with an extension option. The vessel, scheduled to be delivered around 1Q15, will be used for the time charter agreement and is expected to benefit Uni-Asia through a receipt of charter income.