Swiber Holdings

[Layman A]

Anyone who is interested in Swiber should consider reading 3 sub-page of http://www.swiber.com/swiberocs.html:

"EPIC: our core business, OCS Capapabilities, Strong Prospects"

as well as....

corporate newsletter: http://www.swiber.com/corporatenewsletter.html

I read Swyber's August 2013 edition in PDF. I think Swiber has a really motivated work force who are treated well, and they're constantly sharping the way they do their businesses (refer to TOC summit) and creating strategic networks around the world.

corporate videos (a bit old but still as good!): http://www.swiber.com/corporateavp.html
track record of projects: http://www.swiber.com/alternativeenergy.html

Another look at their job openings: http://www.swiber.com/jobopenings.html

You could see they are hiring quite aggressively! Which company would hire so aggressive if they're not confident of their future? The guess is yours!

Still hoping for them to collect trade receivables at a faster pace and reduce their debt.

Sorry.
I know that I am no longer vested in Swiber , but still like to find out why Swiber Trade Receivable keep increasing at a scary pace

A Trade Receivable which cannot be recovered is a bad debt.
It is not your money until you receive it from the customer.

Swiber keep emphasizing that they have receive how many hundred of millions of order, but failed to explain to us why they cannot get the payment (or rather so slow in getting the payment) .


I relate an example here to show my frustration :

If you can made $10 from a trade of $100, but after the trade you realize that the customer refuse to pay you the $100.

Should you try to press the customer for the payment ?

Or should you quickly borrow another $200 and catch another deal of $200 which can made a profit of $20, but end of the day do not know whether the customer will pay up or not ?

Swiber need to tell us who are the customer that refuse to pay up, and why are they not paying.

I do a quick check here on the latest 3Q13 presentation. The trade receivable has further increase to US$784.8 millions, exceeding their total equity of US$721.8 millions.