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Swiber swings back to profit in Q3 on revenue surge

Swiber swings back to profit in Q3 on revenue surge
Swiber Holdings has swung back to profit in the third quarter ended 30 September 2015 as revenue soared.

Third quarter profit attributable to owners of the company was recorded at $3.2m as against the loss of $27.49m in the same period of last year.

Revenue came up to $215.7m, a 100.9% surge from $107.34m in the year-ago period due to strong contributions from Latin American and new projects in South Asia.

The return to profitability for the global provider of engineering, procurement, installation and construction (EPIC) services for the offshore industry came amidst challenging market conditions as contributions from new projects and strict cost control measures boosted the bottom line.

“The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to cooilntinue to cut costs and delay some of their projects,” said Darren Yeo, deputy group ceo.

“Nevertheless, we see pockets of opportunities in shallow water developments and are working actively and prudently on new project tenders in our target markets in South Asia, Southeast Asia, West Africa and Latin America,” he continued.

As at 13 November 2015, Swiber sat on an orderbook of $1.5bn.

TAGS: Offshore