** SEMBCORP MARINE FALLS ON ORDER CANCELLATION FEARS **
Shares of Sembcorp Marine (SembMarine) <SCMN.SI>, the world's
No. 2 oil-rig builder, fell as much as 9.4 percent on Wednesday
after it said a large customer had been placed under provisional
liquidation.
The customer, Cayman Islands-based PetroProd Ltd, had placed
orders worth over $500 million with the Singapore firm, according
to the Business Times.
Goldman Sachs reiterated on Wednesday its "conviction sell"
on SembMarine, citing the risks of order renegotiation and
cancellations. According to Goldman, PetroProd and related firms
account for nearly a quarter of the Singapore firm's order book.
Sembcorp Marine last traded at S$2.07, down 7.2 percent.
Rival Keppel Corp <KPLM.SI>, the world's largest rigbuilder, fell
1.4 percent.
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