Swissco Holdings - Contracts are safe | I3investor

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Swissco Holdings - Contracts are safe

StockFanatic

Publish date: Thu, 05 Mar 2015, 12:50 PM

Swissco reaffirmed that charter contracts for its nine rigs are secured. The batch of four rigs chartered by Pemex (currently being operated by Ensco) will be renewed by end-Mar 15. We believe Swiscco could clinch a time-charter rate of at least US$75k-80k/day based on similar rigs operating in the region. However, given the weak industry sentiment, we now expect only two new 50%-owned rigs to be added to its fleet in 2H15 instead of four 100%-owned rigs for 2015.

Our forecasts reflect the cut in orders as well as Swissco's change in reporting currency from S$ to US$ in 4Q14. Maintain Add but with a lower target price, still based on 7.5x CY16 (1 s.d. below the 5-year mean of small/mid-cap oil services companies). Catalysts could come from stronger-than-expected contract wins.

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