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Advances in the offshore servicing space are expected to bolster the South East Asia Marine Engineering & Construction stock, which closed at Rs 205.90 on the BSE on Monday. The counter, market men observe, is quite near its 52-week high of Rs 215.80. The stock has gained 9.75 per cent week-on-week and 18.9 per cent over a month period.

According to market men, the factors that may well emerge as its main drivers are an increase in crude prices and a decline in international spare production capacity for oil. New vessels too will help spur revenues, it is expected. The reference is to a newly acquired vessel (Oceanic Princess), which is being overhauled into a diving support vessel.

At the current price, the stock is trading at about 6.5x 2007 earnings.

Nilanjan Dey

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