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SCM is now trading at the 7.9/8.0 level.
Will be interesting to see if temasek does swoop in to buy up the 35 million shares that are waiting at the 8 cents level. My guess is that unlikely temasek will do a buy up.
Probably because SCM is in a bad business shape. Transocean utilization rate for its deepwater rigs is at 50% while South East Asia region rig utilization is only at 76.8%, excluding those on cold stacked. No new orders are coming in for rigs given how oversupplied the market is in. However, once activities in oil rig picks up due to high crude price, it may time to review SCM value propostion.
Will be interesting to see if temasek does swoop in to buy up the 35 million shares that are waiting at the 8 cents level. My guess is that unlikely temasek will do a buy up.
Probably because SCM is in a bad business shape. Transocean utilization rate for its deepwater rigs is at 50% while South East Asia region rig utilization is only at 76.8%, excluding those on cold stacked. No new orders are coming in for rigs given how oversupplied the market is in. However, once activities in oil rig picks up due to high crude price, it may time to review SCM value propostion.