STX OSV Holdings up on dividend surprise

Publish date: Tue, 14 Aug 2012, 12:04 PM

Shares of offshore vessel builder STX OSV Holdings jumped as much as 4.5% to their highest level in nearly three months, after it announced higher-than-expected dividends in the second quarter.

STX OSV posted a one percent rise in its second-quarter net profit to 278 million Norwegian crowns from a year ago, boosted by higher operating revenue.

The shipbuilder declared an special interim dividend of 13 cents, compared to 5 cents for the year ago period.

“The dividend was a surprise and higher-than-expected. That’s boosting its share price today. Margins, though down, were also better than expected and holding up,” said Jason Saw, an analyst at DMG & Partners.

STX said its second-quarter earnings before interest taxes depreciation and amortisation (EBITDA) margin was 13.8%, versus 16.4% a year ago.

It also expects to benefit from a strong subsea market, with increased offshore installation activity continuing to drive demand.

Discussions
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silvermansac

i missed it

2012-08-14 17:58

hawshy

the special dividend really come as a surprise. I think this stock can hit 1.8 anytime soon :) :)

2012-08-15 00:37

hawshy

Just for info: http://www.reuters.com/article/2012/08/17/idUSL4E8JG3TY20120817

Aug 17 (Reuters) - South Korea's STX Corp has chosen Italian government-owned ship builder Fincantieri SpA as the preferred bidder for its controlling stake in Singapore-listed STX OSV Holdings, a spokesman for STX said on Friday.

STX has put up for sale its 50.75 percent stake, valued at about $800 million, in STX OSV, a builder of vessels used in offshore oil and gas exploration, and hired J.P. Morgan and Standard Chartered to find a buyer. (Reporting by Hyunjoo Jin; Editing by John Mair)


Change owner soon

2012-08-17 12:38

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