Cosco (F83.SG) is up 3.8% at three-session high of $1.39 on boost to orderbook with Cosco Dalian, unit of 51%-owned Cosco Shipyard Group, landing over US$100 million ($140 million) worth of conversion contracts, according to Dow Jones.

“The latest win for Cosco is a testament of rising clients’ confidence in the Chinese shipyard group. We believe Cosco is bidding very aggressively to build up their track record in the offshore market,” says DMG, which has no rating on stock.

CIMB, which has Underperform call with $1.41 target, less bullish: “We believe Cosco’s offshore business could face a similar fate as its shipbuilding (arm) given its poor project execution track record and lack of proven proprietary technology.”

Post-conversion, vessels will be deployed in Brazil when delivered around 3Q11. Resistance eyed at this week’s high of $1.41.