Wednesday, June 13, 2012

Kruez

Kruez: Positive announcement, as grp announced it has secured a string of contracts worth approximately US$142m from parent, Swiber for subsea installation works, and a third-party client for the provision of Remotely Operated Vehicle services. The services, which are to be performed largely in Southeast Asia, are scheduled to commence in 2Q12 with completion expected in 4Q13. We note that order brings grp’s order book to approximately US$250m, underpinning earnings visibility to 2014, and Swiber’s swelling order book of approximately $2b could see further subcontracts awarded to grp.

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