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Swiber stays in the red in first quarter

Swiber stays in the red in first quarter
Swiber Holdings has stayed in the red in the first quarter ended 31 March 2016 amid continuing depressed market conditions.

The global provider of engineering, procurement, installation and construction (EPIC) services to the offshore industry reported a first quarter net loss attributable to owners of $2.56m, compared to the deficit of $2.5m in the same period of 2015.

Revenue during the quarter improved by 16% year-on-year to $191.34m due primarily to new contracts secured in the last 12 months, particularly from contributions of ongoing projects in Southeast Asia.

“While business sentiment in the oil and gas industry remains depressed, the group believes that the impact on shallow water field development and production activities, where Swiber is an established provider, will be lower,” said Darren Yeo, deputy group ceo and group president of Swiber.

Yeo added that Swiber’s focus on field development rather than the exploration stage of the production cycle makes it less vulnerable to changes in oil prices and the offshore industry’s expenditure cuts.

Swiber’s orderbook stood at $1.2bn as at 13 May 2016, and the group is working actively on new project tenders in its target markets in South Asia, Southeast Asia, West Africa and Latin America.