Kreuz

Kreuz: Awarded subsea installation contracts worth approx US$25m, by leading offshore construction company in the oil and gas business located in Middle East. The contract wins come with an added optional scope of US$10m for associated works. Subsea installation works shall commence 3QFY2011 and scheduled to be completed in 2QFY2012. Current orderbook stands at US$93.8m. Co is trading at current 5.2x P/E and Swiber owns 63.2% of co.