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.”