Swiber

Swiber: Net profit slightly below consensus. 1Q Rev at $194.4m +29.1% yoy with net profit at $8.6m -10.6% yoy. Decline in net profit yoy was due to fair value gains and a gain on an interest rate swap in 1Q2011. Rev increased as rev recognition from various contracts were awarded to the group in 2010 and 2011 as works progressed concentrated in SEA and South Asia regions. Co continues to expect growth to drive global operation and capex in offshore space with demand for EPC and support services to remain strong.