Swiber Bounces Back

Singapore-listed EPIC contractor, Swiber, has reported a net attributable profit of USD 3.2 million for the third quarter ended September 30, 2015, compared to a loss of USD 27.5 million same time last year.

In the previous quarter this year (Q2 2015), Swiber booked loss of USD 4.6 million, against a profit of US$7.5 million in the previous corresponding period, and barely managed to stay afloat in the quarter before.

However, according to the company, contributions from new projects and strict cost control measures boosted the bottom line.

Darren Yeo, Swiber’s Deputy CEO said: “Our third quarter results reflected our efforts of focusing on higher value EPIC services and maximising cost efficiencies amidst the tough market environment.

“The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to continue to cut costs and delay some of their projects. Nevertheless, we see pockets of opportunities in shallow water developments and are working actively and prudently on new project tenders in our target markets in South Asia, Southeast Asia, West Africa and Latin America.”

In the third quarter 2015, Swiber generated revenue of USD 215.7 million, up from USD 107.3 million in the prior-year quarter. Revenue boost was recognised for its Latin America project, which accounted for some 72 per cent of the company’s Q3 awards and new projects in South Asia.

For the nine months ended September 30, 2015, Group’s earnings stood at negative USD 2.3 million, despite 10 per cent revenue jump, which amounted to USD 580.8 million.

As at November 13, 2015 Swiber’s order book was at a record USD 1.5 billion.