DBS: Cosco likely to bag USD 3bln worth of contracts in 2011

The shipping company could earn USD 1.05bln from LOIs for drilling units with Sevan.

Cosco recently inked LOIs for two drilling units worth USD 525mil each with the marine engineering company with options for up to two additional rigs.

In a statement, DBS Bank said the finalisation of Sevan’s LOIs could potentially raise Cosco’s net order book from USD 6.1bln to USD 6.5bln by April.

The windfall from the anticipated contract would make up 51% of the USD 5.2bln order win assumption the bank forecasted for the company for FY11.

Citing various sources, DBS added Cosco is also estimated to be in the run for contracts worth USD 3bln.

“Cosco stands a good chance of blowing our assumption this year,” the bank said.

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