Table of Contents
Investment summary................................................................3
Is there really a viable alternative to oil?................................6
Future of energy lies in deep waters ......................................7
Rig building: Slowing, but should rebound .........................11
But there are risks to our deepwater thesis.........................16
FPSO demand to provide order support ..............................21
Assessing the ‘Petrobras’ opportunity.................................23
Rig replacement: Perception versus reality.........................26
Dry bulk shipbuilding.............................................................28
China shipbuilding on life support .......................................32
Ship repair...............................................................................34
Valuation: Attractive valuation for SMM...............................38
Appendix 1: Floating production systems ...........................49
Appendix II: Offshore marine value chain............................51
Companies
Sembcorp Marine ...................................................................54
Keppel Corporation ................................................................79
COSCO Corporation.............................................................107