STX OSV: Could see positive sentimenets as it announced contracts for 4 PSVS valued at above NOK 1b. Orderwin brings YTD orderwins to an approximate NOK 6.3b orders, vs FY10 of Nok12.5b. However we note that Grp still have not record contracts for 8 LPG carriers worth US$1.2b (Nok 2.8b), expected to be made effective by end 3Q11 or 4Q11.
We note that grp also has guidance for Ebitda margins to remain above 15% and for FY11 rev to remain ard Nok11-12b. Orderbook at approximately Nok16b underpins earnings visibility till 2013.
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