Singapore Stock Market News
Mermaid Maritime - Splashing Into Action
StockFanatic
Publish date: Fri, 10 Jan 2014, 12:08 PM
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Asset expansion plan rolls into motion. In line with expectations in our initiation report dated 3 Jan 2014, Mermaid has placed orders for the construction of two new tender drilling rigs and a subsea dive support vessel (DSV) worth a total of USD436m. This sets forth the first steps in a new era of growth, which we postulate would see the company evolve into an integrated oilfield services player as it expands its asset base.
Reiterate Buy with SGD0.61 TP, based on 14x FY9/14E EPS and supported by a 59% three-year EPS CAGR over FY9/13-16E.
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