Singapore-listed Swiber reported a 45.3% jump in net profit to $90.9m last year compared to $62.5m in 2012. Revenues were up 11.2% at $1.1bn passing the $1bn mark for the first time.
Revenue growth was particularly driven by Southeast Asia where sales surged 75.3% to $780.8m.
“The Southeast Asian market, where we enjoy a long and solid track record, remains strong, given expected accelerated oil and gas exploration to boost domestic oil production in this region. We remain bullish on rest of Asia too, where rig demand is expected to be strong for the next few years,” said Francis Wong, ceo of Swiber.
The company has an $800m orderbook and is eyeing expansion of its Latin American business.
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