Net profit for the quarter rose 5.9% year-on-year to $12.5m while revenue improved 29.1% to $194.4m.
Francis Wong, group ceo and president of Swiber, said the company has achieved new milestones in the first quarter in terms of larger contracts secured and breaking into new and vibrant markets including the Gulf of Mexico and the Middle East.
“Notwithstanding uncertainties in the world economy, the global offshore oil production has been forecasted to grow steadily,” Wong said.
“There is also the constant need for repair and maintenance of oil field infrastructure to ensure smooth production from the wells. These should translate into robust demand for offshore support services, which we are well-positioned to capture,” he said.
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