Triyards

Triyards: UOB kay Hian maintains Buy with TP $0.86. The house recently hosted Triyards in our Regional Oil & Gas Conference. Management expects to secure US$150m-200m worth of liftboat contracts from US-based clients in the next three months. Triyards is also aggressively marketing its drilling jack-up TDU-400 rig, which if secured could act as a re-rating catalyst. Maintain BUY with unchanged target price of $0.86