CSE Global

CSE Global: Clinched two contracts worth US$17m ($22m) from a US energy company for a deepwater project in the Gulf of Mexico. Work has commenced and slated for offshore execution from 4Q14 to 4Q15. OCBC believes CSE’s focus on maintenance brownfield projects has provided the group with a buffer against industry headwinds. Coupled with CSE’s 9M14 order wins of $288.1m, this brings total announced contracts secured YTD to $310.1m, or 79.9% of OCBC's FY14 order wins forecast. House maintains HOLD and TP of $0.68.