Swiber won US$12 million contract

Didn't expect Dow to go -226 last night!

Dow is getting very volatile these few weeks. Is it because of earnings seasons? Do Dow fluctuate a lot during earnings seasons? How come I didn't notice this last few times? Hmm...

STI dropped straight in the morning, but I noticed that the selling is not broadbased. In fact, only a few STI component stocks are dropping. Overall my portfolio is fine, though slightly in the red (-$500). Construction stocks are still idling, except Chip eng seng, which broke out of resistance level and rallied the rest to a brief rally intraday. Of course, without concrete news or fresh rumors, it could only be a fake rally. I'm quite impressed with lian beng though :)

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Just read sgx announcement that Chip Eng Seng (CES) won a contract...I thought it's IR...haha :) Luckily not, it's a S$39 million contract to build Singapore Safety driving centre at Admiralty road west. Supposed to last for 78 weeks (1 yr 6 mths). No wonder cheong like mad...
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Was quite tempted to go into SPC warrants, because they are going to release their results today. But I didn't...warrants brought me to where I am, so no way I'm going to succumb again.

Just saw a happy news: SWIBER won a US$12 million LOI (letter of intent) for offshore installation works in M'sia. Project is expected to be completed by September this year. I'm happy with how swiber kept clinching contracts, it at least shows growth in the region that swiber had a foothold. I'll be even more happy if swiber clinches contracts (no matter how small) in new regions that it had opened office in, like Middle east and India. If it won contracts there, it shows that swiber had truly gained a sizable foothold in this area of providing offshore EPCIC business in the asia pacific region. Signs of strong economic moat.

These are the projects that swiber had secured this year:
- US$31 million offshore installation project in M'sia in June
- US$21 million offshore installation project in Indonesia in May
- US$146.4 million offshore installation project in Brunei in Feb

Adding together this US$12 million project in M'sia, total project in 2007 so far exceeded US$200 million. No wonder Swiber today had queer activities...price shot up to 3.420 before closing at 3.260 (+0.040). Looking forward for more positive news from this cosco wannabe :)

Straits resource, parent of straits asia resource gave this report today. Not sure what to make of it, because I can hardly understand it. Basically what I can gather is that the mines are not doing as well as it should be because of the rain. Supposedly next half of the year would be better, and that's dependent on how well the mines can recover from the rain. Sell or hold? hmm...

From the action today, doesn't look like good news...but I could be wrong. The price went from intraday high of 1.56 to a low of 1.47, before closing at 1.48. Let's see how it goes tmr. Supported by ema20 days now...if that fails, there's always $1.41 strong support.

Dow +44, europe mostly red.