Swiber

Swiber: +2.9% at $1.05 in active trade. CIMB rates as Outperform with $1.42 target. Notes company bidding for an array of projects related to Saudi Aramco’s latest gas development project, worth a total of US$5bn. Says Swiber could announce several new contracts in 4Q10, and value of new contracts over next 12mths could be more than the US$400m clinched annually over 2007-08. Swiber’s orderbook stands at US$915m.