Swiber Posts 11.8 Percent Gain in Net Profit for 1H 2013

Singapore-based Swiber Holdings Limited posted an 11.8 percent increase in net profit to $37.4 million for the first half of 2013 compared to $33.5 million in the previous year, the company said Wednesday in an announcement of its financial results.

Revenue reached $551.8 million in 1H 2013, 30.1 percent higher than the $424 million achieved in 1H 2012. Swiber attributed the rise in profit to the award of several projects, valued at $570 million, to the firm. These contracts boosted Swiber's order book to approximately $1.2 billion.

“Analysts have forecast international exploration and production spending levels expected to reach a record $678 billion by end 2013. This augurs well for Swiber’s wide range of offshore EPIC (engineering, procurement, construction and installation) and marine support services across the Asia Pacific, Middle East, and Latin America regions ... our focus is to bid selectively and sharply to win large new contracts from major oil and gas players in the markets where we have a presence in, and also penetrate into new markets," Francis Wong, Swiber Group CEO and president said in a press release.

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