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Swiber

leejlk
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18-May-2010 09:32

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At a Glance

• 1Q10 recurring net profit down 30% y-o-y, but within expectations. • YTD order wins of US$307m, net orderbook of US$856m. • 80% of FY10 revenues backed by secured orders; expect sequential earnings improvement. • Maintain BUY, TP of S$1.42.

Comment on Results

Right in line. 1Q10 headline net profit of US$8.0m was down 18% y-o-y. However, excluding exceptionals, we estimate recurring net profit to be US$4.3m, down 30% y-o-y, but exactly in-line with expectations. While revenue was flattish y-o-y at US$84.5m, gross margins improved 1ppt to 21.2%. EBIT margin of 8.9% was 4.4ppt lower y-o-y due to an increase in opex to support expansion and a larger net forex loss. Strong operating cash flow. Swiber recorded strong 1Q10 operating cash flows of US$88.5m, due mainly to decrease in receivables and WIP, and increase in payables. Net gearing edged down slightly to 0.80x. Net orderbook US$856m. To cap off its strong start of the year, Swiber just announced a small T&I contract worth US$17-27m to be executed over 2Q12. This brings total value of work secured YTD to US$307m, vs. our back-end loaded order wins assumption of US$800m for FY10.

Recommendation

Keeping FY10/11 numbers intact. While 1Q10 accounts for only 7% of our FY10 recurring earnings estimate of US$64m, we expect sequential improvement in quarterly performance as the group executes on its large orderbook over the year. We estimate that our FY10 revenue forecast is 80% backed by secured orders. Maintain BUY, with TP of S$1.42. This remains pegged to 10x PE on recurring FY10 EPS. We believe near term catalysts include more contract wins. Separately, Swiber also announced plans to list its subsea services business on Catalist. This, however, is subject to regulatory approvals and prevailing market conditions.

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WLBO_BB
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14-May-2010 23:36

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Swiber Holdings Limited reported that revenue was relatively stable at US$84.5 million in 1QFY2010 as compared to US$87.1 million in 1QFY2009. The Group’s 32.2% decline in net profit in 1QFY2010 to US$8.1 million from US$11.9 million in 1QFY2009 was mainly attributable to higher administrative expenses, other operating expenses and finance costs.

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des_khor
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14-May-2010 19:33

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Like real ?? too bad the share price can't move as people scare got germs !

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ozone2002
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14-May-2010 17:43

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Swiber Secures Letter of Award for Transportation and Installation of Heavy Structures

Friday, May 14, 2010

Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class integrated construction and support services provider to the offshore industry, today announced a Letter of Award from a leading oil and gas operator in South East Asia.

The scope of work comprises the transportation and installation of heavy structures. The contract sum will range between US$17 million to US$27 million depending on the options provided in the contract. The work will commence in Q2 2012 and is expected to be completed in two months.

Said Mr. Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “This is our fourth contract win for 2010, adding to the contracts that we have secured earlier this year: the consortium awards of US$306 million worth of contracts and the US$148 million EPIC contract which we announced a week ago.

In the Offshore Industry

“This contract win illustrates the Group’s capabilities as a one-stop service provider for the region’s leading oil and gas players. We provide a full suite of offshore services to support our customer’s requirements in various areas. In this way, we strengthen our position as a trusted and reliable partner of choice.”

Mr. Goh added, “Swiber has the capability to undertake contracts of varying complexities as well as durations, from as short as two months, as in the case of this latest contract, to as long as between two to five years for some of our other contracts. Our sophisticated and versatile fleet comprising 43 support and construction vessels gives us the flexibility to allocate our resources to meet the various needs of our customers.”

ozone2002 ( Date: 14-May-2010 17:41) Posted:

think swiber got a letter of award..

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ozone2002
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14-May-2010 17:41

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think swiber got a letter of award..

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leejlk
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14-May-2010 17:21

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• Maintain Outperform; results above. 1Q10 core net profit of US$7.9m (+12% yoy) was slightly above our expectation of US$7m, forming 20% of our full-year forecast and consensus. 1Q10 reported net profit of US$8m was below our expectation, forming 15% of our full-year forecast due to lower-than-expected gains from the disposal of assets in its sale and leaseback programme. However, our earnings estimates are intact as we expect the disposal of these assets to take place in subsequent quarters. Our target price is still S$1.65, set at 12x CY11 P/E. We see catalysts from more order wins, the successful delivery of new vessels and strong project execution.

• Revenue was stable at US$84.5m, mainly from the execution of a transportation and installation project in Myanmar that was secured in Nov 09. Project completion is expected in 2Q10.

• Positive swing in margins. Gross margins surged qoq to 20% (comparable to 1Q09) as construction vessels required for its projects were delivered in 2009, with less reliance on third party-charters. Swiber’s current fleet is 45 vessels. Its margin strength was also aided by the execution of transportation and installation projects which typically fetch higher margins. We believe blended gross margins could trend lower to about 18% in subsequent quarters with the execution of more EPCIC jobs.

• US$839m order book. Swiber won about US$454m worth of contracts (inclusive of consortium projects) in 1Q10. We believe the momentum could continue as it is bidding for two more projects from ONGC’s B-193 project (subsea and processing platform packages) worth about US$200m in total. We expect ONGC to award its contracts in 2Q10.

• Listing of subsea services on Catalist. Separately, Swiber announced its plan to list its subsea services business (Kreuz Subsea Group) on Catalist, subject to SGX’s approval. No further information was provided. Kreuz Offshore Subsea Services contributed about US$14m (4%) to Swiber’s revenue in FY09, while Kreuz Engineering owns two subsea support vessels and two deepwater AHTS vessels (US$108m in total).

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WLBO_BB
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13-May-2010 22:42

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no dividend again...

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Bon3260
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13-May-2010 19:52

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FIRST QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

* Asterisks denote mandatory information

Name of Announcer *	SWIBER HOLDINGS LIMITED
Company Registration No.	200414721N
Announcement submitted on behalf of	SWIBER HOLDINGS LIMITED
Announcement is submitted with respect to *	SWIBER HOLDINGS LIMITED
Announcement is submitted by *	Goh Kim Teck
Designation *	Executive Chairman and CEO
Date & Time of Broadcast	13-May-2010 18:39:07
Announcement No.	00172

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	31-03-2010
Description	Please refer to attachments.

Attachments

Swiber.FY20101Q.13May2010.pdf

PressRelease.Swiber1QFY2010.pdf

Total size = 368K
(2048K size limit recommended)

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pharoah88
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11-May-2010 18:18

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nO nEws iS gOOd nEws

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jasonfaxingliu
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11-May-2010 18:15

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any news for this counter

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freeman_5js
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06-May-2010 15:30

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blood shedding day... tt debt of europe pulling tt market down?

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WLBO_BB
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04-May-2010 20:07

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poor swiber....

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pharoah88
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04-May-2010 11:47

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tOday even gOOd gOOd prOfits alsO

peOple have nO iNTEREST ? ? ? ?

sOmething is wrOng with STi ? ? ? ?

sOmething is wrOng with SGX ? ? ? ?

sOmething is wrOng with SiNGAPORE ? ? ? ?

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leejlk
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04-May-2010 11:22

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Secured US$148m contract
Maintain Outperform and target price of S$1.65, still based on 12x CY11 P/E.
Swiber has received a Notice of Award (NOA) from a leading oil & gas operator in
India worth US$148m. The work comprises engineering, procurement, transportation
and installation of several pipelines, including platform modifications. The offshore
work will commence in 4Q10 and should be completed by 2Q11. The current win falls
within our expectation of US$500m new wins for FY10. Our earnings estimates are
unchanged, as is our target price. We see catalysts from more order wins, especially
from India and the successful delivery of new vessels and proper execution.
The news
Third major contract from India in 2010. This contract brings Swiber’s YTD orders
from India, one of the group’s key markets, to about US$300m. According to India Oil
& Gas Journal, the NOA is from ONGC for its MHN redevelopment project.
Comments
Better gross margins for EPIC project. We estimate gross margins of about 15% for
this project as the scope excludes construction, which typically commands slightly
lower margins.
US$800m order book; expect more wins. Swiber has won about US$635m worth of
projects since Nov 09, on the back of the oil-price rebound and resurgence of
spending by oil majors. We estimate its end-1Q10 order book at about US$800m. We
believe the order momentum could continue as the group is bidding for two more
projects from ONGC’s B-193 project (subsea and processing platform packages)
worth about US$200m in total. We expect ONGC to award its contracts in 2Q10.

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freeman_5js
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26-Apr-2010 16:52

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muz maintain to go up any more. still not stable enough ~

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dealer0168
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23-Apr-2010 23:14

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In actual there is other option play for 1 lot games. Depend on how u play.

Not only to push down the price of the share price.

Btw swiber not quite good today. Hope got good news from it soon.

Cheers.

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freeman_5js
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23-Apr-2010 15:12

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thats tt way to press tt price down? ic.

well swiber in truth is not a bad co. juz not reflecting in tt price yet. Muz get BB attention. hopefully it does.

yar buy back is gd news, CO confident in its own price most impt.

dealer0168 ( Date: 22-Apr-2010 21:11) Posted:

Someone is trying to press down the price to buy more.

Anyway this few days, we can see more buyer than seller at Swiber counter.

Looks very positive. I believe some good news may be coming.

Let continue to monitor n see.

Cheers.

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dealer0168
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22-Apr-2010 21:11

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sniper
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22-Apr-2010 15:29

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Why are there so many 1 lot deal done. What's the purpose?

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wacko111
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22-Apr-2010 13:37

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Buyback is usually a good thing: confidence in company; increase ROE and etc. But then again, they may be unsure on how to use the excess cash.

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