Shares of Singapore-listed offshore vessel builder STX OSV (STXO.SI) jumped as much as 4.8% on Tuesday after securing contracts worth around NOK750 million ($165.8 million) to design and construct three trawlers for Aker Seafoods ASA.
At 9:14 a.m., STX OSV shares were up 4.4% at $1.20 on a volume of 3.9 million shares. In comparison, the broader Straits Times Index <.FTSTI> was 0.45% higher.
The vessels are scheduled for delivery between the second quarter of 2013 and the first quarter of 2014, STX OSV said in a statement.
Aker Seafoods (AKSE.OL), which is listed on the Norwegian stock exchange, currently has a fleet of 11 trawlers and exports white fish products.
DMG & Partners said in a report that with the latest win, STX OSV’s year-to-date order win is estimated to have reached NOK5.4 billion and the outstanding order book is estimated at NOK16.5 billion.
While the brokerage said it continues to like STX OSV for the company's exposure to the deepwater space, it warned that customers could hold back orders due to volatile market conditions.
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