The integrated engineering solutions provider and builders of offshore units said the latest orders came on top of $36m new projects secured since the start of the 2012.
SBI also registered a 72.9% year-on-year jump in net profit to $260,000 in 2011 but revenue fell 23.7% to $7.1m.
The lower revenue was attributed to increases in total general and administrative expenses for the company's design and engineering subsidiaries, Sea Reef Offshore and Sea Reef International.
SBI Offshore aims to achieve higher sales this year as it has received enquiries from contracts for equipment replacement or upgrades. The company has also been pre-qualified by the four major South Korean yards and has received several purchase enquiries for potentially significant orders.
“In view of the momentum of orders secured, ongoing market development efforts as well as rollout of our strategy, the group is poised to record substantially higher orders and sales for FY2012 compared to the last couple of years,” said Jonathan Hui, executive chairman and ceo of SBI Offshore.
“Brazil is expected to take the lead in a new round of orders for drillships and semi-submersibles in 2012. The tight offshore equipment supply market will also create opportunities for our various joint ventures to offer contract manufacturing services at competitive prices and shorter delivery lead times,” Hui said.
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