Hot Stock: Swiber shares surge 10% in early trade on new orders
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
SHARES of Swiber Holdings jumped 10 per cent or 1.5 Singapore cents to S$0.165, some 40 minutes into trading.
As at 9.41am, more than nine million shares have changed hands, making the counter one of the most active on the Singapore bourse and a top gainer in early trade.
Traders' optimism followed news before markets opened on Thursday that Swiber clinched a series of contracts totalling US$405.6 million, bringing its order book to a record of over US$1.8 billion to-date, even as the oil and gas industry is in a downturn.
The new contracts include its latest US$333 million deal for engineering, procurement, installation and construction (EPIC) services in India - the second awarded to Swiber by the same national oil company in just over a month.
Swiber has said the new contract in India is expected to start contributing to the group's earnings in the second quarter ending June 30, 2015.
Copyright SPH Media. All rights reserved.
