Net profit at the Singapore-listed offshore construction and support services provider climbed 7.1% year-on-year to $42.2m, in tandem with a 40.5% increase in revenue to $654.5m.
The revenue increase was driven by progressive revenue recognition from various contracts that are concentrated in Southeast Asia and South Asia, awarded to the company in the last two years.
The rise in net profit was mainly attributed to higher revenue and lower other operating expenses, Swiber added.
“We are excited to have achieved a record topline performance shortly after our key milestone of hitting over $1bn in orderbook,” said Francis Wong, group ceo and president of Swiber.
Wong believed in a buoyant offshore oil and gas outlook backed by rising demand for oil, fuelling hopes of a strong orderbook visibility for the company.
According to IEA, oil demand is expected to rise to 90.3m barrels a day in 2012 and 99m barrels a day by 2035 as countries such as China and India boost their energy appetite.
“There is also the constant need for repair and maintenance of oilfield 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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