CH Offshore

CH Offshore: 2Q11 results generally in line with DBS forecasts, house maintains Hold with TP S$0.60 citing limited catalysts and earnings visibility despite undemanding valuations. Co is stable with strong operating cashflow and growing net cash position. Deliveries of AHTS will cap upside on rates and utilization for nxt 12 mths. Co trades relatively cheaply at trailing P/E 6.23x compared to Swiber at 17.29x, Ezion at 12.92x and Falcon Energy at 9.21x.