Swiber

Swiber: Announced 4Q11 results which were below estimates. Rev at US$185.5m, +19% yoy and +35% qoq, while net profit at US$1.5m, -82.7% yoy and -9% qoq. Net profit at US$32.1m, -82.7% yoy and -89% qoq. Result brings FY11 Rev to US$654.5m, +41% yoy and net profit to US$32m, -14% yoy. EBitda Margin remained flat at 17.2% vs 17.5% yoy.

Overall, rev driven by progressive rev recognition from various contracts that are concentrated in Asean and South Asia, awarded to Grp in last two yrs. Weak bottom-line for qtr, was however attributed to a surge in income tax expenses to US$17.9m, which brought FY11 tax expenses to US$27.2m, +302.9% yoy. Other operating income also dropped to US$35.7m, -12.3% yoy due to gains in disposals recorded in FY10 and changes in FV of convertible bonds.

Going forward, grp expects growth in the O&G capex as oil prices remain solid. Tip earnings visibility of 2 yrs, with an order book of over US$1.0b. Grp will continues to strengthen its position as an experienced and reputable offshore service provider within the market and will continue bidding for major contracts