STX OSV: Could see renewed sentiment after Co. secures its first 2 contracts for 2012. Grp announced 2 contacts, the first contract for a Nok500m. (US$87.1m) contract for the construction of one advanced subsea support vessel for the Island Offshore Group. Delivery is scheduled in 1Q14. The hull of the vessel will be delivered from STX OSV Braila in Romania.
The second contract was for the design and construction of one Offshore Subsea Construction Vessel for DOF. The value of the contract amounts to approximately NOK 650m. Delivery is scheduled in 2Q 2013.
With latest order, grp order book currently stands at approx. Nok 15-16b and brings Ytd new orders to Nok 1.15b. As a gauge, for FY11, grp secured total new orders of Nok11.1b. Ratings as follow:
DMG maintains Buy with $2.00 TP
CIMB maintains O/p with $2.02 TP
OCBC maintains Buy with $2.25 TP
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