SMM

: and Prosafe have finalized a contract to build the second unit of a new gen harsh environment accommodation semisub worth US$295.2m. This follows the letter of intent (LOI) announced by SMM and Prosafe earlier in Oct this yr, and compares with an earlier contract in Dec last yr priced at US$292m. Delivery is scheduled no later than end Dec ’14. Recall, SMM has a total of 3 options for accommodation semi newbuilds granted to Prosafe. Ytd order wins stand at ~$9.6b. The stock trades at 14.3x P/E