At 93% of our FY9/14 forecast (4Q at 29%), FY14 core net profit of US$44.4m (+196% yoy) was slightly below our expectations but broadly in line with consensus. The deviation came from lower subsea profitability. We trim our FY15-16 EPS by 1-6% on lower subsea profitability, offset by contributions from chartered-in vessels. We also introduce FY17 forecasts, factoring in contributions from the three newbuilds - two tender rigs and one DSV. We maintain Add with a lower target price (alongside blanket cut for the sector valuations), at 5x CY16 EV/EBITDA, 0.5 s.d. below its 4-year mean (prev. 7x CY15 EV/EBITDA). Catalysts are stronger earnings and contract wins.