Swiber announced that it has secured a LOA from a leading O&G operator in South Asia worth about US$618m. Notably, this represents the single largest contract that Swiber and its consortium has won to date. We understand that the scope of work which involves EPCIC is expected in 2Q12. with this latest contract, we estiamtes Swiber order book stands at almost US$1.48b, which will be progressively recongnised over the next two years.
The stock is currently trading at consensus 9.0x FY10 and 6.8x FY11 P/E. Other near-term catalysts include more contracts win and the successful listing of its subsea services business on the Catalist.
No comments:
Post a Comment