STX OSV: Likely to see positive interest in counter, after Co. announced that it has won a sizeable contract for construction of one Research Vessel for the Norwegian Defence Logistics Organisation valued at NOK 1.2b. Delivery is scheduled in 4Q14.
We note that contract win places grp’s Orderwin to approximately Nok 10.3b (3Q11 only at Nok 5.1b), already surpassing bearish estimates which was earlier raised this yr, attributed largely to the recent contracts of its 8 LPG tankers (approx. Nok 3b) which was made effective.
Grp’s orderbook currently stands at approximately Nok16.5b vs FY10 of Nok17.0b, underpinning earnings visibility till 2014.
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