Swissco Holdings - The journey begins | I3investor

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Swissco Holdings - The journey begins

StockFanatic

Publish date: Sat, 16 Aug 2014, 05:12 PM

Following its recent issuance of US$43m redeemable exchangeable preference shares (REPS), Swissco, via its subsidiary Scott & English Energy, has secured charter contracts worth about US$94.8m for up to two years for four drilling rigs in Mexico. We are not concerned about the short contract duration as the rigs are believed to be operating in matured fields and the contracts are likely to be renewed over the next 12 months. No change to our earnings but we reduce our target price, still based on 9x CY16 P/E (29% premium over the simple average P/E of Singapore OSV owners) to incorporate the dilution impact from the REPS.

Maintain Add. We expect more contracts to come down the pipeline, catalysing the share price.

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