Swiber made a $63m profit the first half of the year compared to $37.4m in the same period in 2013. While profits rose revenues fell 24.1% to $418.8m compared to $551.8m in the corresponding period a year earlier due to lower revenue recognition from existing projects.
The company won $315m worth of new contracts in the first half of 2014, bringing its total orderbook $610m.
“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,” said Francis Wong group ceo and president of Swiber.
Looking ahead Swiber is focusing on Latin America. “Besides focusing on our core markets in Asia Pacific, the group is moving swiftly to strengthen our foothold in other growth markets such as Latin America. We believe the anticipated growth of the oil and gas exploration and production activities in Latin America, particularly with the energy reforms in Mexico, will present huge business opportunities for energy players,” Wong added.
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