STX OSV Holdings (MS7.SG) is +1.5% at $1.01, extending yesterday’s 8.2% rise, which came after the firm announced it has secured a contract for the design and construction of a Platform Supply Vessel of PSV 09 design for an undisclosed international customer.

The contract value is undisclosed, with the vessel scheduled for delivery in 2012. DMG, which does not rate the stock, says “whilst the other shipyards are finding it difficult to replenish their orderbooks...STX OSV is bucking the trend.” 

 

Says STX OSV’s orderbook stands at 50 vessels, 17 of which will be delivered in 2012. Notes, prior to this order, STX OSV secured four PSV shipbuilding contracts in November worth NOK1.3 billion (around US$220 million). 

 

Adds, based on annualized 9M10 earnings, STX OSV is trading at 7.1X earnings currently, below the current mid/small cap offshore and marine sector average forward P/E of 8X.