Tuesday, November 13, 2007

Swiber clinched US$25 million contract

Haha, finally got a chance to post something this week :) Was too busy helping out in a friend's wedding to post anything yesterday :)

Thought that market will do a rebound today after dropping consecutively for so many days. All support broken, haha :) Might see a technical rebound tmr, a good chance to unload some counters if possible. Just an advice, do not load up during the rebound (if any) unless a clear uptrend is established. How to know if an uptrend is established? The simplest rule - higher highs and higher lows.

STI was down 1.02%, closing at 3475 with a volume of 2.2 billion. Bargain hunting, anymore? Though not exactly that cheap :) I see quite a number of green counters today already, so still not too bad, haha

A few news to share:

1. GK Goh Chief financial officer kept buying up GK Goh. A sign of confidence in the company he's working as?

2. Yongnam is proceeding with the rights issue as planned. The underwriter is CIMB GK (which is GK Goh, haha). The Offer informational statement (OIS) should be delivered these few days. Looks like have to get the warrants already, unless from now till they go XR there's a rebound for me to sell off.

3. Most exciting news of all: Swiber clinched maiden contract in the gulf of thailand worth US$25 million. What's more is that this contract is won by the newly incorporated deepwater drilling unit, Swiber offshore drilling pte ltd, a testament to the confidence in Swiber group. Though the drilling is shallow water, this is a good step forward and shows that all the key personnel and assets acquired to follow their vision is showing some results in the form of contracts.

They cannot choose a more excellent time to release this piece of goodnews. Tmr happens to be the release of their quarterly results (at lunchtime). I'll be looking closely for any major fx losses because of the falling US dollars.

Oh, they also incorporated a new subsidiary company - Black gold drilling pte ltd - to carry out deepwater drilling business.

Just happened to see the charts for Straits asia - looks very nice! Ascending triangle with low vol too :)