The group reported a loss of $22.9m during the quarter as against a profit of $14.5m in the previous corresponding period.
The quarterly revenue plunged to $107.3m as revenue from ongoing projects was substantially recognised during financial year 2013 while new projects are now scheduled to start in the last quarter of 2014.
In the first nine months of this year, however, Swiber recorded a profit of $40.1m, a decline of 22.8% from a gain of $51.9m a year ago.
As at 12 November 2014, Swiber’s orderbook stood at approximately $535m.
“While global oil prices have experienced a decline recently, we believe shallow water field development work will continue to take place and generate demand for EPIC services,” said Francis Wong, group ceo and president of Swiber.
Wong added that the company is also bidding for new orders particularly in Southeast Asia, as well as in South Asia, Latin America and West Africa.
Recently, as part of its efforts to streamline operations, Swiber announced the proposed sale of its 100% interest in Newcruz International and its 49% stake in PT Swiber Berjaya (PTSB) for $36.1m to Vallianz Holdings.
Swiber presently holds a 23.36% stake in Singapore’s Vallianz, a provider of OSVs and integrated marine solutions to the oil and gas industry.
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