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Isolator Supreme	27-May-2011 14:55        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	No worry.... $2 will be crossed soon...  You will made double....
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agent_skali Member	27-May-2011 14:48        agent_skali About Contact  Quote this Post!
x 0   x 0  Alert Admin	Made mistake, loaded at 2 dollars yesterday :(
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Isolator Supreme	27-May-2011 14:41        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	Filling up those that I have sold yesterday....
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eplepl Master	27-May-2011 14:27        eplepl About Contact  Quote this Post!
x 0   x 0  Alert Admin	i trust u are still collecting it cheap.... Isolator      ( Date: 27-May-2011 11:40) Posted: Dont go against the trends.... Uptrend is strong intact...
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Isolator Supreme	27-May-2011 14:14        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	Respect the trends.... It will continue to rebound strongly...
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samson Veteran	27-May-2011 14:02        samson About Contact  Quote this Post!
x 0   x 0  Alert Admin	DBS Group Research . Equity 27 May 2011   BUY S$2.00 STI : 3,123.70 Price Target : 12-month S$ 2.86 Sevan is in rough seas • Sevan Drilling’s parent - Sevan Marine - faces financial distress and CEO steps down. • Raises concerns over default risk, cancellation and delay of contract awards to Cosco. • LOI may not be converted to a contract but cancellation risk is low. • Maintain BUY and S$2.86 TP. Sevan Marine undergoing financial restructuring. Sevan Marine, parent company of Cosco’s customer – Sevan Drilling, said it failed to proceed with the rights issue of US$275m due to a sharp plunge in share price (-67% since 20 May) and anticipated breach of minimum liquidity requirements. Sevan Marine has engaged ABG Sundal Collier, DnB NOR, Pareto Securities and SEB Enskilda to address a financial and strategic restructuring package for Sevan Marine. Further uncertainties also arise with the CEO, Jan Erik Tveteraas, stepping down.  Impact to Cosco... Cosco’s customer is Sevan Drilling, not the parent. Though, concerns could be elevated on Sevan Drilling’s financing capability and business continuity if its parent enters into Chapter 11. Sevan Drilling has one rig (Sevan Brasil) under construction with Cosco and has signed LOIs for two additional similar rigs worth US$1.05bn. Hence, potential risk to Cosco could come from: 1) default payment/cancellation of Sevan  Brasil 2) LOIs for the two rigs not exercised and   3) Ability to finance the remaining 80% of the LOIs (20% raised through recent IPO). …mitigated by proper measures in place. 30-40% completion with progressive payments made for Sevan Brasil, back-to-back charter contracts to Petrobras, and purchase of insurance coverage have minimized the cancellation risk of Sevan Brasil. As for financing, Sevan Drilling is in the process of terminating cross default clauses between Sevan Drilling and Sevan Marine to avoid potential loan withdrawals. Near term overhang due to uncertainty. The risk of Sevan’s LOIs not being exercise should be offset by buoyant offshore outlook and other non-Sevan projects under tender. Offshore outlook remains intact with over US$2.5bn of non-Sevan projects under tender. Maintain BUY and S$2.86 TP. Sevan headwinds ahead Sevan Marine undergoing financial restructuring. Through a company release on 26th May, Sevan Marine (parent company of Cosco’s customer – Sevan Drilling), updated investors that it failed to proceed with the right issue of US$275m due to the sharp plunge in share price (-67% since 20 May) and anticipated breach of minimum liquidity requirements by the end May 2011. Sevan Marine has engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda to address a financial and strategic restructuring package for Sevan Marine. CEO is also stepping down. The CEO of Sevan Marine and Sevan Drilling, Jan Erik Tveteraas, is also stepping down as CEO for both companies, citing personal reasons. This does not appear positive and is adding uncertainties to the current messy situation. Customer is Sevan Drilling. Cosco’s customer is Sevan Drilling, not the parent - Sevan Marine. However, concerns could be elevated on Sevan Drilling’s financing capability and business continuity if its parent enters into Chapter 11. Sevan Drilling is now operating one rig and is expected to take delivery of its 2nd rig - Sevan Brasil - from Cosco yard by 1Q12. In addition, it has signed LOIs for two similar rigs with Cosco worth US$1.05bn. Potential negative impact to Cosco could come from: 1) Default payment / cancellation of Sevan Brasil, which is 30-40% completed with progressive payment. 2) Defer or withdrawal of the LOIs for two cylindrical rigs. 3) Low chance of exercising the two options for two similar rigs. 4) Financing capability to fund 80% of the two LOIs (remaining 20% by proceeds raised through recent IPO). … are mitigated. We believe the likelihood of cancellation of Sevan Brasil is slim. 30-40% completions with milestone payments, back-to-back charter contracts from Petrobras, and purchase of insurance coverage have minimized the cancellation and default risk. As for financing, Sevan Drilling is in the process of terminating cross default clauses between Sevan Drilling and Sevan Marine to avoid potential loan withdrawals. Fortunately, Cosco is covered by insurance, which will refund up to 90% of outstanding payments in the event of a cancellation. In addition, Cosco has the priority to sell the vessels in the event of bankruptcy. Reason for Report : Newsflow on Sevan Marine Potential Catalyst: Offshore contract wins Analyst Janice CHUA +65 6398 7954 janicechua@dbsvickers.com HO Pei Hwa +65 6398 7968 PeiHwa@dbsvickers.com
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stocksburntme Veteran	27-May-2011 14:00        stocksburntme About Contact  Quote this Post!
x 0   x 0  Alert Admin	this counter want to make everyone happy. let shortist win 1 day, let longist win 1 day
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hlfoo2010 Veteran	27-May-2011 13:44        hlfoo2010 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Earth quake first than tsuname zhixuen      ( Date: 27-May-2011 10:44) Posted: Bro your news is yesterday 1.   jasonwong75      ( Date: 27-May-2011 10:37) Posted: Hi all. Game Over for Cosco.... It is confirmed they are losing this big business from Sevan Drilling.... 1 billion contract... better sell now ... Cosco going to $1.90   Sevan on the financial skids The boss of Sevan Drilling quit today in a dramatic turn of events for the beleaguered Norwegian outfit as the threat of liquidation looms over its cash-strapped parent, floater player Sevan Marine. Steve Marshall & News reports 26 May 2011 09:07 GMT Jan Erik Tveteraas, who was named chief executive of the drilling subsidiary only two months ago having previously been at the helm of the main company, said he was stepping down for “personal reasons”. Debt-laden Sevan Marine, which has seen its share price drop like a stone in recent days, now faces severe liquidity problems and a financial restructuring after it was forced to pull the plug on a planned rights issue aimed at raising $275 million. The company said in a statement to the Oslo bourse that the issue, proposed by DnB NOR Markets, could not proceed in light of the fall in its share price,which was trading below Nkr0.50 earlier today after dropping nearly 65% over the past 24 hours. The floating production player could now shortly be in “breach of a minimum liquidity requirement” under a financing agreement as it faces a cost overrun of $45 million related to the upgrade of the Sevan Voyageur FPSO for E.ON Ruhrgas’ Huntington field off the UK. “Sevan Marine does not currently have sufficient funds to fullfill this requirement, the satisfaction of which will depend on a successful restructuring,” the statement read. Chief executive Carl Lieungh, when questioned by TDN Finans on whether liquidation was an option for the company, responded: “It will always be an alternative under such a process.” Tveteraas, who also resigned as a member of the Sevan Marine board, has been temporarily replaced as boss at Sevan Drilling by former Noreco chief executive Scott Kerr, who is chairman at the drilling outfit, according to Norwegian newspaper reports. Tveteraas was one of the founders of Sevan and has been the driving force behind Sevan’s evolution as an innovative floating production contractor, with its trademark cylindrical units currently operating off the UK and Brazil. He served as chief executive of Sevan Marine until recently when he took over the top job at the drilling outfit following its spin-off from the parent company. “Given that I have been involved in Sevan Marine and Sevan Drilling all these years, I must take responsibility for all that has happened during this period. Against that background, I have agreed with Sevan Drilling that it is in the best interests of the company that I step down,” he told DN.no. Published: 26 May 2011 09:07 GMT | Last updated: 26 May 2011 10:33 GMT. Source: Upstream ------------------------------------------- UPDATE 2- Sevan Marine seeks restructuring, cancels share issue Thu May 26, 2011 4:15am EDT * Says cannot fulfil liquidity, financing requirements * Cancels $275 mln rights issue as stock falls below 1 NOK * Board member, former CEO leaves (Adds CEO, details) By Victoria Klesty OSLO, May 26 (Reuters) - Norwegian oil services group Sevan Marine (SEVAN.OL) said on Thursday it had cancelled its planned $275 million rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements. Sevan Marine Chief Executive Carl Lieungh told Reuters the firm would together with its advisors seek constructive dialogue with its creditors. Its shares have plummeted below 1 Norwegian crown this week on growing fears the company will not be able to finance its debt as well as projects. " We were aiming at getting a fully underwritten rights issue in place, but the current development in the share price made that impossible," Lieungh said. Sevan Marine said in a statement it anticipates that it will be in breach of a minimum liquidity requirement under one of its financing agreements by the end of May, 2011. The financing agreement requires that an expected $45 million cost overrun relating to its floating production rig Sevan Voyageur can funded by injection of equity into the project, and the firm now don't have sufficient funds to fullfil this requirement. " What we are seeking to do now is to enter into a process where we are talking to everybody about a restructuring of our financial situation, and the company," Lieungh said. " We don't have Chapter 11 in Norway, but if we did, we would have had Chapter 11." Lieungh's predecessor, Jan Erik Tveteraas, has resigned from his role as board member for Sevan Marine and Chief Executive of the deepwater drilling spin-off Sevan Drilling (SEVDR.OL) " for personal reasons" , Sevan Marine Drilling said on Thursday. Tveteraas was the instigator of the process in which Sevan Marine tried but failed to raise money for itself when it spun off its oil drilling unit last month after twice reducing the IPO price due to poor demand. Sevan Marine holds about 28.5 percent of the shares in Sevan Drilling. Lieungh said Sevan Marine could try to solve its financial problems by selling off more assets. " I think that could be one of the options that should be addressed during this process," he said. " It's early days and I expect this would take many weeks and we will at the same time start addressing internal issues -- we should obviously look at our internal cost structure." Sevan Marine has engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda as advisors on the financial and strategic restructuring. Shares in the heavily indebted company, with a current market capitalisation of 200 million Norwegian crowns ($36 million) dropped to 0.38 crowns at 0807 GMT on Thursday, after closing at about 0.7 crowns on Wednesday. Its share price is down 94 percent this year. (Reporting by Victoria Klesty Editing by Dan Lalor and Mike Nesbit) ($1=5.575 Norwegian Crown) Source Reuters.
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IVANTAN75 Member	27-May-2011 11:46        IVANTAN75 About Contact  Quote this Post!
x 0   x 0  Alert Admin	See 1.97 now. Ppl push down price , ppl see also dump theirs.. They buy in at low price now up again. Hold don't dump
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Isolator Supreme	27-May-2011 11:40        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	Dont go against the trends.... Uptrend is strong intact...
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rickyw Master	27-May-2011 11:22        rickyw About Contact  Quote this Post! Style: Combined   Mood: Yells: "keep happy..."
x 0   x 0  Alert Admin	2.80 u meant? Isolator      ( Date: 27-May-2011 11:19) Posted: It will continue to finish the unfinish task....    2.30...
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susan66 Master	27-May-2011 11:20        susan66 About Contact  Quote this Post! Style: Technical   Mood:
x 0   x 0  Alert Admin	Me too, just load up $1.95.
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Isolator Supreme	27-May-2011 11:19        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	It will continue to finish the unfinish task....    2.30...
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paul1688 Senior	27-May-2011 11:18        paul1688 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Key question is how much is Sevan Drilling's contract worth to Cosco?  What's the consequence to Cosco's bottomline or earnings growth if there is no Sevan contract?
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zhixuen Veteran	27-May-2011 11:14        zhixuen About Contact  Quote this Post!
x 0   x 0  Alert Admin	ya Cosco won't breakout the uptrend I guess. If breakout the chart looks like weird. before breakout should at least have a rebound to 2.20.
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xing78 Elite	27-May-2011 10:58        xing78 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Volatility is good for intra-day traders. My view is the price will range between 1.90 to 2.00 for a few days. Tangwp      ( Date: 27-May-2011 10:48) Posted: Is uptrend? or downward? confusing....
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Isolator Supreme	27-May-2011 10:56        Isolator About Contact  Quote this Post!   Mood: Yells: "STI is hard landing to below 2000..."
x 0   x 0  Alert Admin	For me, I do not let news (it is very outdated) to affect my decision.... The art of using charts is to identify the insider news which I  really call them news... lol.. I can only say.... Cosco will not break the long term uptrend  in near future.... It will stay uptrend and has  started to  rebound up... Enjoy..
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IVANTAN75 Member	27-May-2011 10:52        IVANTAN75 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Load up 200 lots at $1.95
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Tangwp Member	27-May-2011 10:48        Tangwp About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is uptrend? or downward? confusing....
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rickyw Master	27-May-2011 10:47        rickyw About Contact  Quote this Post! Style: Combined   Mood: Yells: "keep happy..."
x 0   x 0  Alert Admin	yep...since yesterday and recent activity...i believe cosco has anticipate worst case...is sevan drilling who has problem, not cosco...and some more cosco once  announce  another contract..it will going up again... Isolator      ( Date: 27-May-2011 10:45) Posted: Game over? you mean shorties? lol... Do you  believe it will still rebound up and break 2.01.... Enjoy
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