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Swissco profit trimmed by $23m one-time charges

Swissco profit trimmed by $23m one-time charges
Singapore’s Swissco Holdings saw its full year profit remained largely unchanged after it was hit by a $23m in impairment of goodwill and other one-time costs.

Net profit for the financial year ended 31 December 2014 was recorded at $15.89m, inching up 4% from $15.35m a year ago. Excluding the impairment of goodwill and other non-recurring expenses, net profit for 2014 would have been $38.9m.

Revenue for 2014 stood at $65.5m and the figure has been prepared as a continuation of Scott and English’s financial statements, after Swissco completed the acquisition of the company on 30 July 2014.

The full year results comprised contribution from Scott and English’s drilling segment for 2014 and five months’ contribution from the OSV, ship repair and maritime services.

The group’s drilling segment currently owns two rigs and jointly owns seven rigs. It also owns and operates 37 OSVs and expects to take delivery of eight in 2015.

“Looking ahead, we expect to continue deriving synergies from the complementary fit between our rigs and vessels, even as we continue exploring ways to further strengthen our offerings,” commented Lim How Teck, chairman of Swissco.

Swissco also noted that the recent decrease in oil price will impact the oil and gas service companies particularly those servicing the deepwater segment.

It added that its OSVs cater mainly to the shallow water projects that are more resilient to oil price fluctuation but believed that charter rates will come under pressure for its 2015 financial year.

TAGS: Offshore