STX OSV: Secured new contracts for the construction of two Multifunctional Deep Water Anchor Handling / Offshore Service vessels for Farstad Shipping. The total value of the contracts amounts to approx NOK 1.2b ($54.5m).
The vessels will be of Rolls Royce’s UT 731 CD design. The overall length of each vessel will be 87.40m with a beam of 21m . STX OSV has in the past delivered four equivalent vessels to Farstad Shipping, and has two under construction for the same customer prior to the new contracts.
Deliveries are scheduled from STX OSV Langsten in Norway in 1Q 2014. The current orderbook for co is approx NOK16.0b ($727.3m) with earnings visibility till 2015. Co currently trades at fwd P/E of 9.0x
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