Swiber Profit Jumps

Swiber Holdings, a global integrated construction and support services provider to the offshore oil and gas industry, has achieved net profit of US$63 million for the six months ended June 30, 2014, up 68.3% from US$37.4 million in the same period a year ago.

This was lifted mainly by higher other operating income which increased significantly by US$97.5 million to US$112.4 million in HY2014.

Revenue in HY2014 however declined 24.1% to US$418.8 million from US$551.8 million in HY2013 as a result of lower revenue recognition from existing projects which were substantially completed in FY2013. New projects awarded since the start of the year have not started and hence did not contribute to Group revenue in HY2014.

For the year-to-date, Swiber has won contracts worth a total of US$315 million, which entail EPIC (engineering, procurement, installation and construction) projects across Southeast Asia and Latin America.

Francis Wong, Group Chief Executive Officer and President of Swiber, commented: “Riding on the strong momentum in the offshore sector, we have been actively bidding for major projects in our existing and target markets in Asia Pacific, Middle East, Latin America and West Africa. We have stepped up our business development efforts in Latin America and landed several contracts earlier in 2014 for subsea development and other projects in this market. Barring any unforeseen circumstances, the Group expects to see an improvement in our order book over the next two quarters.”

As at 30 June 2014, Swiber has an order book of approximately US$610 million.

Press Release, August 13, 2014