Dyna-Mac

Dyna-Mac: Signs MOU with SBM Offshore to supply topside modules for FPSO OSX-2 which is est at $50m. Contract is positive news but may have been anticipated by the market after SBM Offshore announced the OSX-2 contract. Co’s 2 major customers are Modec (59.7% of co’s rev) and SBM (27.0%) in most recent semi-annual results during its IPO. EPS as Nov 1H2011 was 1.12c which at closing price of $0.635 is an annualized P/E of 28.3x.