Swiber

Swiber: Announced that it has clinched contracts worth ~US$435m. Not much details, apart that contracts are worth ~ US$330m under the Swiber Grp and ~US$1055m under the grp’s JVs. We note that the latest wins nrings the grp’s order book to ~US$1.5b, which streches its earnings visibility for at least 2-3 yrs, while valuations remain compelling, with the grp Stub valuations vs subsidiary Kreuz is still at a 50% discount on a P/B ex-Kreuz basis.