Swissco

Swissco: Awarded three contracts worth an aggregate of $8.24m for its crew boats. Its new addition Swissco Cheetah crew boat was delivered and immediately deployed on 18 Apr 2013 to Brunei for a 12-month period. Swissco Spear secured a six-month extension in Malaysia with Petra Energy and Swissco Spur secured a minimum 90-day job in Brunei. In addition, Swissco is scheduled to take delivery of Swissco Puma, a crew boat with an estimated completion in Jul 2013. The contract for Swissco Puma is currently under negotiation. In view of the increased demand for crew boats, the group has made plans to expand its fleet of crew boats due to the increase demand, with an additional two to be delivered in 1H14. Mgmt is seeing heightened activity levels in the offshore marine sectors, and believes the demand is sustainable. The Group has 14 vessels under construction for the vessel chartering segment, 7 of which will join in 2H2013, and 6 in FY2014. At the last closing price of $0.235, Swissco trades at historical P/E of 6.2x.