Swiber worries over lack of new order wins
Orderbook stood at only USD1.1b.
According to Maybank Kim Eng, Swiber has not announced any new contract wins since Feb 2013. YTD order win stands at USD153m with outstanding orderbook at USD1.1b. Maybank's expectation is for USD1.2b in new contract wins this year.
Here's more:
Contract wins can be lumpy and there is still time to play catch up, but this will be the focus for us to watch for from now. Our earnings forecast are at risk if contract wins falls short of our expectations.
Swiber maintains that tendering is healthy and is bidding for close to USD2b worth of contracts, which includes 3 relatively large-sized contracts that could come to fruition this year.