Singapore Stock Market News
Swissco Holdings - Diversifying its portfolio
StockFanatic
Publish date: Wed, 12 Nov 2014, 11:55 AM
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We view Swissco's latest accommodation rig deal as a better one, with a higher day rate of about US$45k/day and pay-back of capex during the first tranche of contract. Swissco and its 50% stake JV, Union Offshore, have clinched a 5+2 year service rig contract worth US$115m in Asia Pacific. It could also alleviate some fears over the single-customer risk of Pemex as the company starts to diversify its exposure beyond Mexico. We keep our EPS forecasts intact as the contract falls within our expectations for FY15 contribution.
We keep our Add call and target price, still based on 9x CY16 P/E in view of the superior growth. An accelerated contract momentum could provide a key catalyst.
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