Marco Polo: Has secured a ship outfitting contract for a construction vessel with a third-party customer worth $22.5m. Co will be responsible for the engineering, procurement and installation of equipment for an existing hull. The Contract, which will involve the most sophisticated and complex vessel to be handled and will expand the repertoire of the Group’s ship repair and conversion business. The contract is expected to be recognized progressively over 12 mth period.
Including this contract, co will have a YTD orders worth $57.5m. Contract is sizeable given co’s full yr rev of $83.0m in FY2011. Co currently trades at 6.9x current P/E, peer ASL Marine trades at approx 6.5x P/E
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