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Swissco posts higher profit in H1

Swissco posts higher profit in H1
Singapore’s Swissco Holdings has posted an increase in net profit in the first half ended 30 June 2015 amid the current challenging offshore marine environment.

Profit in the first half was recorded at $35.07m, up from $7.75m seen in the same period of last year.

Swissco’s two fully-owned drilling rigs contributed $10.7m in charter revenue during the second quarter and $21.7m in the first half. The group’s revenue from its OSV and ship repair segments was $7.7m for the second quarter and $15.8m for the first half.

Singapore-listed Swissco said its financial statements were prepared as a continuation of Scott and English Energy financial statements, after it acquired the latter in mid-2014.

The company believes that due to the low oil prices and oversupply of offshore rigs, the oil and gas industry is likely to remain weak for 2015. The oil and gas business is expected to have contracts renegotiations and contracts termination, resulting in lower day rates and shorter charter contracts duration.

Tan Fuh Gih, director of Swissco, said: “The group’s OSV division remains challenging due to the expected lower utilisation and average day rates. However, we will continue to step up our marketing activities to increase our utilisation rates and explore new markets.”

TAGS: Offshore