Swiber: Continues its recent contract wins, as it annouced that it has secured various contracts worth US$27m, for the charter of its offshore construction and support vessels. These charter contracts from leading oil majors and other oil and gas contractors include the provision of AHTS vessels, flat top barges, and construction barge…..
Grp believe that stable oil prices in the long run will motivate increased exploration and production to meet the demand for energy especially in the Asian region and emerging countries, which will keep grp’s fleet utilisation high….
We note that contract is the 3rd contract win for 2011 and brings orderbook to approx US$866m vs FY10 Rev at US$469.7m, under pinning earnings visibility till 2012/13. CIMB has Outperform Call on stock with $1.01 TP, with an order win assumption of US$200m (93% achieved) for 2011. Given recent orderwins, we could potentially see further rerating of share price from other houses. At current price, valuations appear compelling with grp trading at 8.4x FY11E P/E vs Peers Simple Average of 12.6x
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