Swiber 2Q 2012 Profit Doubles on Offshore Contract Wins

Singapore's Swiber Holdings said Tuesday that its net profit for the second quarter ended June 30, 2012, more than doubled to $15 million. Its net profit for the same period last year was $7.4 million.

The group posted revenue of $229.6 million, up $49 million from the same period last year.
 
The company's strong performance, said Swiber in its earnings report, was due to progressive revenue recognition from offshore construction contracts awarded to the group, concentrated in South Asia and Southeast Asia.
 
Swiber Holdings is likely to end this year on a strong note as it will see more project execution in 4Q 2012, CIMB Analyst Lim Siew Kee said in a research report released on Wednesday.
 
Kreuz Holdings, the company's subsea services provider arm, announced on July 17, 2012, that it won a $13 million subsea installation services contract. Kreuz had on June 12, 2012, announced a series of oil and gas services contract wins worth around $142 million.
 

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