Shares of rig-maker Sembcorp Marine (SCMN.SI) rose as much as 2% after it won two contracts worth US$400 million ($525 million) from Noble Corporation (NE.N) to build two jackup rigs, with options for  another four that could lift the total value to US$1.2 billion.

At 11:23 a.m., Sembcorp Marine shares were up 1.8% at $5.08 on a volume of 2.2 million shares, nearly 40% of its average traded volume in the last 30 days.

“They had stuck to their guidance from the beginning of the year and they had delivered on what they said they would,” said Ashwin Sanketh, a CLSA analyst.

“Especially with lots of uncertainty with Petrobras, Sembcorp Marine has been getting other orders. Investors are reconfirming in their own minds that the company is capable of executing its guidance,” he added.

Brazilian shipyard Estaleiro Atlantico Sul submitted the lowest bid in a tender for the building of seven drilling rigs for Petrobras (PETR4.SA), the Brazilian state-run oil company said in November.