OttoMarine: 1Q2011 rev at 113.2m -59.1%yoy -21.4%qoq. Net profit at $7.0m -71.4%yoy up from a loss from previous quarter. Seismic division posted a loss of $5m but is expected to improve due to both vessels returning to work…
LowXuYang: …Risks continue in the shipbuilding business with no new-build orders for 18 mths and possible cancellation of Mosvold’s 2nd and 3rd vessels due to yard delays…
Stanchart maintains Outperform at $0.42. DnB NOR reiterates Sell with TP$0.23 with focus on delivery schedule, cash burn cycle and new order outlook. Co has net debt of $397.3m of which $303.7m is short-term which should not pose a problem if it is able to continue rolling over.
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