Swiber (AK3.SG) is off 2.0% at $0.985, not spared from broad market rout (STI down 2.5%) despite winning US$618 million ($871 million) contract with consortium partner to set up platforms for oil & gas operator in South Asia. Still, light volume indicates selling not widespread, says Dow Jones.

Orderbook quotes suggest price may hold above $0.93. CIMB, which has Outperform call with $1.65 target, notes contract brings orderbook to record US$964 million: “We believe the momentum could continue and its orderbook could exceed US$1 billion” as Swiber bidding for subsea pipeline project worth about US$100 million.

Latest project expected to be completed in 2Q12, marks Swiber's 5th contract this year, largest ever in a consortium bid.