Daily news - 2 Mar

Late vessels delivery costs Swiber heavily
Swiber – Offshore services provider Swiber slid into the red in the final quarter of 2008, due largely to late delivery of vessels which delayed the completion of its projects. The company lost US$8.3 million, in contrast to a profit of US$20 million in the fourth quarter of 2007. Full-year earnings fell 21.8 per cent to US$38.8 million from US$49.7 million previously as higher cost of sales, administrative and finance costs took their toll during the year. But continued contracts saw full-year revenue nearly tripling to US$428.4 million, fuelled by more offshore projects which comprise primarily transportation and installation of offshore pipelines and platforms in Malaysia, Brunei, Indonesia and India. Fourth-quarter revenue rose 68.5 per cent to US$102.9 million. Earnings per share fell to 9.19 US cents from 12.56 US cents in FY2007, while net asset value per share rose to 48.85 US cents as at Dec 31, 2008, from 41.68 US cents the year before. The deliveries of pipelay barge Swiber Concorde and the dive-support work barge Swiber Supporter, which were originally expected in Q3 FY08, were delayed to Q1 FY09 due to unforeseen circumstances.

Source: Kim Eng