STX OSV: Announced it has been granted environ license for construction of new shipyard in Brazil. Shipyard construction is expected to start within 2Q11, with construction of first vessels estimated to start in 2012 and full operations scheduled for 2013. First project to be realized will be the construction of eight LPG carriers. Upon completion, new yard will be utilized for OSV construction, approximately tripling STX OSV’s delivery …
We note that announcement bodes well for grp, given strong presence in Brazil (one yard) and in-line with grp’s plans to ramp up operations, on back of growing dd for high-spec OSVs, suited for deep sea E&P and as Petrobas begins ramping up production. Yard will complement existing rig builder yards, eg Kepcorp and Sembcorp Marine, who competes in diff segments of the O&G value chain. Street has unanimous Buy Call on grp with mean TP of $1.67.
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