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DBS keeps 'buy' on Seatrium following MOU to capture potential growth of rigs in India
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class="border-l-2 border-l-gray-390 pl-2 mt-2 text-gray-600 font-normal text-[12px] resizer_image_caption">Photo: Seatrium</div><div class="jsx-38dfd35d1770c5fb"><div class="jsx-38dfd35d1770c5fb sticky top-[106px] z-30"><div class="jsx-38dfd35d1770c5fb absolute -right-11"><div class="fixed bottom-18 right-4 lg:static z-50 print:hidden"><div class="cursor-pointer"><div class="flex gap-x-0.5 w-30 absolute -left-17 gtm_font_resizer -z-40 hidden"><img class="mb-px gtm_font_resizer_increase" role="button" src="https://edgemarkets-transferred.s3.ap-southeast-1.amazonaws.com/nextjs_resources/icons/font_resizer_add.svg" width="32" height="32" border="0" alt="Font Resizer"/><img class="mb-px gtm_font_resizer_decrease" role="button" src="https://edgemarkets-transferred.s3.ap-southeast-1.amazonaws.com/nextjs_resources/icons/font_resizer_minus.svg" width="32" height="32" border="0" alt="Font Resizer"/></div><img class="mb-px gtm_font_resizer" role="button" 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<a target="_blank" rel="noreferrer" href="https://edgesg.link/joinTelegram" class="font-semibold underline gtm_follow_telegram">Telegram</a> <!-- -->channel for the latest updates.</span></div><article class="jsx-38dfd35d1770c5fb"><div class="non-paywall"><p class="resizer_article_body ">DBS Group Research has kept its "buy" call on Seatrium and $3 target price following its Nov 25 announcement that it is eyeing the offshore rig market of India with a local partner.</p><p class="resizer_article_body ">Under an MOU signed with Cochin Shipyard (CSL), the partners will jointly design and supply critical equipment for jack-up rigs for India.</p></div><div class="paywall"><p class="resizer_article_body ">According to a Nov 25 bourse filing by Seatrium, this partnership will tap CSL's "extensive experience" in ship-building, and also Seatrium's technical expertise and design capabilities.</p><p></p> <div class="z-0 hidden"><div class="adunitContainer"><div class="adBox"></div></div></div><p class="resizer_article_body ">In its Nov 25 note, DBS points out that utilisation for jackup rigs has hovered above 90% over the past year. This tight market supply is often a precursor for rising new building demand.</p><p class="resizer_article_body ">Furthermore, rigs in operation are relatively aged, given the lack of new rigs built over the past decade of downturn, and thus in need of rejuvenation. </p><p class="resizer_article_body ">"The partnership with the Indian shipyard is timely, which we believe will increase utilisation and income stream for Seatrium’s US facilities," says DBS.</p><div id="videoAdsContainer" style="display:none;position:relative;max-width:640px;margin:10px auto"><div id="pageContent" style="overflow:hidden;position:relative;padding-bottom:56.25%"><div class="absolute w-full top-0 opacity-100 z-[9101] text-white text-center text-xs mt-2 false"><a class="btnLearnMore" target="_blank"><span class="text-[14px] mr-1 text-white">Learn More</span><span><svg viewBox="0 0 12 12" preserveAspectRatio="xMidYMid meet" class="inline-block w-3 h-3 fill-white"><path 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xmlns="http://www.w3.org/2000/svg"><path fill="none" stroke-linecap="round" stroke-linejoin="round" stroke-width="32" d="M432 320v112H320m101.8-10.23L304 304M80 192V80h112M90.2 90.23L208 208M320 80h112v112M421.77 90.2L304 208M192 432H80V320m10.23 101.8L208 304"></path></svg></div></div><div class="control screen float-right mr-3 mt-1 cursor-pointer" style="display:none" id="screenMinimize"><div><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 512 512" class="text-3xl" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" stroke-linecap="round" stroke-linejoin="round" stroke-width="32" d="M304 96h112v112m-10.23-101.8L111.98 400.02M208 416H96V304"></path></svg></div></div></div></div></div><p class="gtm_see_also resizer_article_in_read_see_also "><span class="see_also_inread"><b>See also: <a class="gtm_see_also_1_inread" style="text-decoration:underline" href="/capital/brokers-calls/uobkh-calls-centurion-corp-stock-growth-minded-investors?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO">UOBKH calls Centurion Corp a stock for ‘growth-minded investors’</a></b></span></p><p></p> <div class="z-[99] relative hidden"><div class="adunitContainer"><div class="adBox"></div></div></div><p class="resizer_article_body ">"We continue to like Seatrium for its earnings turnaround and market leadership to ride the robust demand for O&G and renewable facilities," adds DBS.</p><p class="resizer_article_body ">Seatrium shares closed at $1.93, up 1.05% for the day.</p></div></article><div class="flex items-center py-4.5 border-y w-full border-y-gray-380 mt-6"><div class="flex flex-wrap gap-2 "><span class="text-sm font-normal">TAGS</span><div class="flex items-center bg-blue-400 font-semibold text-white uppercase text-xs px-1 print:px-0 w-fit " data-testid="flash_category"><a href="/tags/seatrium" class="mt-0.5 undefined">Seatrium</a></div><div class="flex items-center bg-blue-400 font-semibold text-white uppercase text-xs px-1 print:px-0 w-fit " data-testid="flash_category"><a href="/tags/india" class="mt-0.5 undefined">India</a></div></div></div></div><div class="jsx-38dfd35d1770c5fb hidden lg:block lg:mt-6 print:hidden"><h2 class="text-lg font-bold "><span class="jsx-38dfd35d1770c5fb resizer_see_also_desktop_title">Related News</span></h2><div class="jsx-38dfd35d1770c5fb grid grid-cols-3 gap-6 mt-4 mb-10"><div class="py-4 gtm_related_stories" data-testid="teaser-type-1"><a href="/news/offshore-marine/seatrium-partners-cochin-shipyard-eye-indias-rig-market" class="gtm_related_stories "><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span 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This tight market supply is often a precursor for rising new building demand.","description":""},{"type":"text","content":"Furthermore, rigs in operation are relatively aged, given the lack of new rigs built over the past decade of downturn, and thus in need of rejuvenation. ","description":""},{"type":"text","content":"\"The partnership with the Indian shipyard is timely, which we believe will increase utilisation and income stream for Seatrium’s US facilities,\" says DBS.","description":""},{"type":"see_also_inread","content":"\u003cspan class='see_also_inread'\u003e\u003cb\u003eSee also: \u003ca class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/brokers-calls/uobkh-calls-centurion-corp-stock-growth-minded-investors?utm_source=website\u0026utm_medium=article\u0026utm_campaign=ONPAGESEO'\u003eUOBKH calls Centurion Corp a stock for ‘growth-minded investors’\u003c/a\u003e\u003c/b\u003e\u003c/span\u003e","description":""},{"type":"text","content":"\"We continue to like Seatrium for its earnings turnaround and market leadership to ride the robust demand for O\u0026G and renewable facilities,\" adds DBS.","description":""},{"type":"text","content":"Seatrium shares closed at $1.93, up 1.05% for the 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