STX OSV (MS7.SG) extends gains, +8.7% at $1.00 vs $0.955 at the end of the morning session, as a midday announcement by the company of a new shipbuilding contract piques interest.

The Norway-based firm will build a platform supply vessel for an unnamed international company, bringing the total number of ships under construction to 50.

The contract value was not disclosed, but the current run-up in share price suggests investors are upbeat about STX OSV’s outlook, with the latest order coming as high-specification vessels are increasingly in demand as oil companies step up exploration and production activity and replace older ships to conform to increased global safety standards.

After gaining 16.5% since its Nov. 12 listing vs its $0.79 IPO price, the stock may be on track to test the high end of its $0.79-$1.13 indicative IPO price range near term.