Kruez: (The Edge) Following recent bullish orderwins by Parent Swiber, Co. note that it is on track to achieve its 2013 target of clinching its 1st deep-water installation contract, with its new fleet of 3 ROVs and aims to be an established deepwater installation player by 2015.
Co has been performing well and orderwins this yr is more than US$100m and has to rent 3rd party subsea equipment to service its clients as business has been ‘so good’, with assets fully utilized in APAC and India. Despite strong orderbook, DBSV note that contracts are generally short-term nature and limits orderbook visibility.
Contracts from Swiber accounted for 76% of Kruez’s contracts a yr ago, while Co. is now gaining traction with 3rd party customers, while maintaining its commitment to Swiber, although mkt rates will be offered to parent.
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