[Dow Jones] STOCK CALL: Cosco Corp. (F83.SG) may emerge as the
surprise winner of Petrobras (PBE.BA) rig boom despite Keppel Corp.
(BN4.SG) being the first yard to win one of Petrobras 12 rig charters, says
Credit Suisse. Broker says Norwegian driller Sevan (SEVAN.OS), tapped for a
Petrobras charter, has 2 newbuild options with Cosco; "Sevan is already
contracted to Petrobras and Petrobras has awarded a second semi-sub charter
contract to Sevan. It would not surprise us if Sevan were to use its option
with Cosco for the construction of the new semi-sub." Broker tips Cosco to
secure at least one, if not two contracts, conservatively worth US$170
million apiece. Maintains Outperform rating, S$4.40 target price. Share
+0.6% at S$3.36.
If Cosco were to win these contracts, it would be a huge boost to its share price. Keep an eye out for the news and results
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