Shares of shipbuilder STX Offshore and Specialised Vessels (STX-OSV) <STXO.SI> rose as much as 4.5% on Friday after it said it secured a contract worth NOK600 million ($132 million) to design and construct an offshore subsea construction vessel.

At 9:53 a.m., STX OSV shares were up 1.8% at $1.13 on a volume of 5.1 million shares.

The vessel is scheduled for delivery in 2012, the firm said in a statement. It did not disclose the name of its customer.

“STX OSV seems to be on a roll in getting new order wins,” DMG & Partners Research said in a note to clients, citing the firm’s deep technical expertise and design capability in building a vast range of offshore and subsea vessels.

The brokerage added that with the latest contract, STX OSV’s order book stands at 51 vessels, 18 of which will be delivered in 2012.

STX OSV said in November it had secured contracts worth NOK1.3 billion ($217.1 million) to build four platform supply vessels.