Swiber

Swiber: CEO says, the co is eyeing an offshore services contract from a major oil co based in Brunei that would pay Swiber US$80-100m every yr to 2016. Two major companies currently operating in Brunei are Royal Dutch Shell and Total.
The co also expects offshore construction activities to pick up in the next 12-18 mths, driven by Asia and the Middle East.
Up to 2016, the co has identified 30 potential projects worth US$45b in the Middle East, 30 projects worth US$6.2b in South Asia, and 88 projects worth US$4.3b in South-east Asia. These will be a combination of newly formed and existing sites.
Swiber hopes to achieve gross profit margin of 15-20% across the markets that it operates in, and expects a utilisation rate of 70-80% across its vessels in the next 12 months, comparable with historical level.
Swiber has a fleet of 50 vessels, comprising 12 construction vessels and 38 support vessels. The co had an order book of US$752m as at Aug 15, which is expected to contribute to its results over the next two years. This compares with the US$331m revenue achieved in 1H11.
Says it is comfortable with an oil price of around US$55-65 per barrel for the shallow water projects that it is traditionally strong in, though deep-water projects will require US$80-90 for them to be feasible.

Stock trades at 6.8x trailing P/E.
The Street has a mix of Buy and Hold ratings with recent TP btwn $0.50-1.00.