Shares of Swiber Holdings rose as much as 5.7% after the Singapore oil and gas firm secured contracts worth a total of around US$216 million ($269 million) for offshore construction projects and vessel chartering services in Southeast Asia and South Asia, reported Reuters.
By 9:47 a.m., Swiber shares were up 4.1% at $0.64 on volume of 4.7 million shares, 1.3 times the average daily volume traded over the last 30 days.
Swiber also said that its Middle East joint venture had won a contract valued at over US$38 million for vessel chartering services in the Middle East.
OCBC Investment Research said Swiber currently had an order book of more than US$1 billion, comparable to November last year. But as the wins fell within its new order estimates, OCBC maintained its hold rating and $0.58 target price.
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