Vard clinches NOK400m order

Vessel to be delivered in 1Q2015.

According to OSK, Vard (VARD SP) announced that they have secured a NOK400m order from Island Offshore for an advanced offshore support vessel.

Here's mmore:

The Rolls-Royce designed vessel is scheduled to be delivered in 1Q2015 from Vard Brevik in Norway. We estimate that the company has won NOK12.4bn new orders YTD 2013, slightly ahead of our NOK12bn forecast for 2013. We keep our EPS estimates for now.

Maintain Neutral with an unchanged TP of SGD0.85 pegged to 10x FY14F EPS. We believe market will continue to focus on Vard’s margins, which will remain weak on the back of operational challenges in Brazil.

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