Swiber

Swiber: FY12 results released. Earnings increased 42.4% to US$46m. Strong set of results beating estimates, attributable to Latin America and South East Asia segment, where the Group secured its first ever contract in Mexico which contributed significantly to the Group revenue in FY2012. As for South East Asia, the increase was mainly driven by progressive revenue recognition from Brunei and Indonesia projects. Mgmt believes that major oil and gas companies will continue to expand their offshore exploration activities and hence their production capital expenditure- translating into more opportunities for offshore and subsea contractors that undertake platform, pipeline and subsea installation as well as inspection, repair and maintenance works and other offshore support services. As of February 2013, the group has an order book of approximately US$1.35 billion.