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Sembcorp Marine heads higher as Singapore shares rebound

Published on Feb 27, 2014 2:44 PM

SINGAPORE (Reuters) - Shares of Sembcorp Marine outperformed the market on Thursday after winning US$1.08 billion (S$1.37 billion) worth of contracts to build drillships for offshore drilling company Transocean, while the wider Singapore index also edged up despite Asia's sluggish start.

Shares of Sembcorp Marine rose as much as 2 per cent to an intra-day high of $4.11, putting it on track for its biggest daily gain in three weeks.

Brokerage Maybank Kim Eng maintained its "buy" rating on the stock with a target price of $5.04.

"We see the order wins as a very positive development for Sembcorp Marine," the brokerage said in a research note.

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