Dyna-Mac

Dyna-Mac: JP Morgan note that Petrofac-Daewoo wins UAE’s US$3.9b Upper Zakum project and Dyna-Mac is likely to win on-shore modules order worth $200m but earnings impact likely to be more pronounced in 2014. JP Morgan remains O/w, TP $0.64, and expect this order to potentially come through April /May 2013 and believe grp is likely to be involved in more jobs out of the UAE in the medium term.