STX OSV: Co. has secured contracts for three diesel electric twin screw trawler vessels (essentially fishing vessels) worth Nok750m from Aker Seafoods, one of Norway's leading producers and exporters of white fish products. Vessels are scheduled for delivery between 2Q13-1Q14.
We note that contract (excluding contracts worth abt Nok 3,000 million for 8 LPG carriers to become effective by abt Nov11) brings Ytd Orderwins to Nok5,031 million, with Orderbook standing at approximately Nok 15,000 million vs 1H11 Rev at 5,936 million, underpinnings earnings visibility till 2014. CIMB maintains O/p Rating with $1.85 TP and DMG maintains Buy but cuts TP to $1.56 from $2.00, while CS has neutral rating with $1.60 TP.
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