Kreuz's pockets to get US$200m fatter this year

It's a 29% boost versus 2012 figure.

According to UOB, the overall outlook for the offshore subsea market is positive. According to Infield, Asian subsea capex is expected to exceed US$11.7b between 2013 and 2017, compared with US$2.7b over the previous five years.

In addition, total annual expenditure on Remotely Used Vehicles (ROV) used in subsea operations is expected to grow from US$891m in 2010 to US$1,692m in 2015.

Here's more from UOB:

Entry of game-changing asset. Kreuz is in negotiations with a China-based shipbuilder to construct a multipurpose subsea dive support and construction vessel, which will allow the group to penetrate the deepwater subsea market and engage in larger-scale projects.

In addition, the acquisition of the vessel will also reduce Kreuz’s dependence on third-party charters and improve gross margins.

Robust tenderbook of US$450m-500m. Kreuz’s current tenderbook stands at about US$450m-500m, consisting of 5-6 large projects and several small ones, with the outcome of several tenders likely to be known by early-13.

We forecast US$200m worth of new contracts in 2013, up 29% from the US$155m clinched in 2012.

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