Company Name: STX OSV HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 2.09 |
Shares of Singapore-listed shipbuilder STX OSV Holdings rose as much as 3% after it won two contracts worth 700 million Norwegian crowns ($149 million) to build two platform supply vessels.
Shares of STX were up about 2% at $1.55 at 11:01 a.m. and have risen 34% so far this year.
“We believe that order momentum in the North Sea underscores robust sector dynamics, despite ongoing Euro concerns,” CIMB Research said.
The contracts bring the shipbuilder’s order wins so far this year to 6.7 billion Norwegian crowns, two-thirds of the broker’s total order target for fiscal 2012.
CIMB Research kept its target price of $2.09 on STX OSV and maintained its ‘outperform’ rating, saying it liked the company for its high-end capabilities, market leadership and entrenchment in Brazil.
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