STX OSV wins contracts for 3 offshore construction vessels
Deliveries are set in 2014 and 2015.
STX OSV announced that it has secured contracts for three Offshore Subsea Construction Vessels (OSCVs). According to OCBCInvestment Research, it estimates the total value to be around NOK 2b to 2.8b (or USD 350-500m).
Here's more:
The three vessels are for Solstad Offshore, Farstad Shipping and DOF Subsea Group. They will be built in Norway and scheduled for deliveries in 2014 and 2015. As the group is expected to report its 4Q12 results soon, we put off adjusting our estimates and maintain our BUY rating with S$1.52 fair value estimate. (Chia Jiunyang)