Swiber posts profit, boosts revenues

Image: Swiber
Image: Swiber

Singapore’s Swiber Holdings Limited, an integrated construction and support services provider to the offshore oil and gas industry, has reported a profitable third quarter of 2015 as opposed to a net loss in the corresponding period last year. 

The company reported a net attributable profit of $3.2 million for its third quarter 2015, against a loss of $27.5 million in 3Q 2014.

As Swiber explained in its 3Q 2015 report, the return to profitability for the company came amidst challenging market conditions as contributions from new projects and strict cost control measures boosted the bottom line.

The company’s third quarter 2015 revenue rose to $215.7 million from $107.3 million last year.

According to Swiber, during the quarter, Latin America contributed 72.3% or $155.9 million to Group revenue, South Asia, $38.4 million, and South East Asia, accounting for the balance of $21.4 million.

Deputy Group Chief Executive Officer, Darren Yeo, said: “Our third quarter results reflected our efforts of focusing on higher value EPIC services and maximising cost efficiencies amidst the tough market environment.

Yeo also added: “The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to continue to cut costs and delay some of their projects. 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.”

Share this article

Follow Offshore Energy Today

Posted on November 16, 2015 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply