Loss attributable to owners of the company for the three months ended 31 March 2015 plunged to $1.26m as against the profit of $48.02m in the same period of last year.
On top of the thinning orderbook, there was the absence of a $95.1m gain from the disposal of a group of subsidiaries which bolstered the previous comparable numbers.
Revenue during the quarter fell by 17.3% year-on-year to $164.91m due primarily to lesser contracts being executed.
“We had a difficult first quarter which was expected given the smaller pipeline of contracts last year. With our pipeline now standing at a record $1.8bn, we believe we are well positioned for a strong turnaround especially in the second half,” said Darren Yeo, deputy group ceo of Swiber.
Yeo added that Swiber’s engineering, procurement, installation and construction (EPIC) business caters mainly to the field development rather than exploration stage of the production cycle in the oil and gas industry, which is more vulnerable to changes in oil prices. Its projects are also in shallow water, which have lower breakeven costs.
The group continues to see opportunities in its field of expertise and is working actively on new project tenders in its target markets in South Asia, Southeast Asia, West Africa and Latin America.
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