Dyna-Mac

Dyna-Mac: (S$0.335) Lifeline extended on diminishing order book Counter surged to a high of $0.34 (+6.3%) in the morning session, after the group clinched a contract from BW Offshore, a Norwegian owner operator of FPSO vessels, with a preliminary sum of ~$89m. Work is for the construction of 10 units of FPSO topsides modules and 1 unit of flare tower, expected for progressive delivery within 1Q16. Notably, the order made up approximately 40% of its estimated current order book of $218m and is the first order following an eight-month hiatus, as market watchers start to get weary of anticipating new contracts. In a climate of falling oil prices, Dyna-Mac is currently priced at a premium of 11.4x forward earnings, over SGX-listed oil services peers of 6.6x.