Viking Offshore and Marine

Viking Offshore and Marine: Entered a purchase and lease-back agreement with a land rig builder based in China, for a new-build 1,500 horsepower train-type land rig and related drilling equipment for an unspecified amount. Under the agreement, Viking will purchase the rig and lease the rig back on a bareboat basis for a 50-month period to be deployed in North Africa starting from 1 Sep 2014, for US$32m. The transaction is expected to boost Viking's financials for the current year. As a gauge, the annualized income from the charter will boost Viking's FY13 revenue of $70.6m by 13.5%. Counter is up 1.6% in the morning session to $0.127, valuing the company at a trailing P/E of 12.6x and 1.1x P/B.