Shares of Singapore’s Swiber Holdings rose as much as 9.7% on Wednesday to a three-week high after the offshore services firm said it had been awarded projects worth a total of US$830 million ($1.06 billion) in Asia and the Middle East.
By 11:25 a.m., shares of Swiber were up 7.8% at $0.555 with 8.6 million shares changing hands, about thrice the average volume traded over the past five sessions.
Swiber’s contract wins increase its order book to US$1.8 billion, CIMB Research said in a report.
Swiber will fare better this time in the face of the euro zone crisis and falling oil prices compared to the global financial crisis in 2008, due to secure earnings visibility till the end of 2013, CIMB said.
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