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Swiber reverses into the red in H1

Swiber reverses into the red in H1
Offshore services firm Swiber Holdings saw its first half results reversed to the red as revenue and other operating income decreased.

Swiber reported a first half loss attributable to owners of the company of $8.29m as against a profit of $55.53m in the previous corresponding period.

Revenue declined by 12.8% year-on-year to $365.13m due mainly to lesser contracts being executed. First half other operating income decreased to $3.68m from $112.43m a year ago due chiefly to absence of gain on disposal of group subsididies and associate.

“Our second quarter results reflected the cautious sentiment in the oil and gas industry as the price of crude oil remained volatile,” said Darren Yeo, deputy ceo of Swiber.

“Our orderbook of nearly $2bn is keeping us busy during this lull period although we continue to see opportunities in some of our target markets,” he said.

As at 5 August 2015, the group sat on a recorded orderbook of $1.7bn. The company continues to strengthen its capabilities in higher value EPIC services and improving ots operational performance while maximising cost efficiencies.

It added that while there are price pressures within the oilfield services supply chain due to the weaker oil price environment, it believes that the impact on shallow water field development and production activities would be lower.

TAGS: Offshore