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-- 55.250 SG Morning Highlights | Seatrium Awarded Contract for Shell's Sparta FPU in Gulf of Mexico
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.02%
●Singapore Grapples with Hydrogen Energy Challenges
●Singapore Manufacturing Eyes Rebound in 2024 Amid Electronics Demand
●Stocks to watch: Seatrium, Dyna-Mac
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.02 percent to 3,200.13 as at 9.04 am.
Advancers / Decliners is 55 to 71, with 100.63 million securities worth S$57.06 million changing hands.
Breaking News
Singapore Grapples with Hydrogen Energy Challenges
Singapore's push to generate 50% of its power from hydrogen by 2050 faces steep costs and infrastructural challenges. The nation's National Hydrogen Strategy spurs initiatives and private sector projects to develop the hydrogen sector, despite technological and market uncertainties. Strategic partnerships and government support are key as Singapore navigates its ambitious energy transition.
Singapore Manufacturing Eyes Rebound in 2024 Amid Electronics Demand
Analysts spot signs of recovery in Singapore's manufacturing sector, hinting at a potential rebound in 2024 driven by global electronics demand. After a year-long downturn, factory outputs have started to show positive growth, offering hope for a stronger performance ahead. Despite uncertainties in the recovery's pace and scale, the sector is poised for a gradual upturn.
Stocks to Watch
$Seatrium (S51.SG)$: Seatrium secures a significant contract to construct the Sparta floating production unit (FPU) for Shell's deepwater development in the Gulf of Mexico. The Singapore-based company will build the semisubmersible FPU, slated for a water depth of around 1400 meters and designed to produce 90,000 barrels of oil equivalent per day. Emulating the Vito and Whale FPU designs, the Sparta project is set to reinforce Seatrium's expertise in oil and gas infrastructure, with anticipated production commencement in 2028.
$Dyna-Mac (NO4.SG)$: Dyna-Mac Holdings has bolstered its operational capacity by acquiring Exterran Offshore for US$8.25 million, adding a strategically located 4.5-hectare yard to its assets. This acquisition is set to enhance the company's project scalability and fabrication efficiency.
Share Buy Back Transactions
Source: Business Times, SG investors
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