CSE Global secures $22m worth of energy contracts

Entails a deepwater project in Mexico.

Despite concerns over the deepwater oil and gas space, CSE’s focus on maintenance brownfield projects has provided the group with a buffer against industry headwinds.

CSE Global Limited (CSE) announced last evening that it has clinched two contracts worth US$17m (~S$22m) from a U.S. energy company.

According to a report by OCBC, this entails a deepwater project in the Gulf of Mexico and strengthens CSE’s momentum in the region, as the bulk of its S$119.3m order wins in 3Q14 also came from the Gulf of Mexico. Work has already commenced for the two jobs, and offshore execution is scheduled from 4Q14 to 4Q15. 

Coupled with CSE’s 9M14 order wins of S$288.1m, this brings total announced contracts secured YTD to S$310.1m, or 79.9% of our FY14 order wins forecast.