Swiber Records Net Profit of $91M in 2013, Up 45% YOY

Singapore's offshore oil and gas construction and support services firm Swiber Holdings Limited reported a 45.3 percent rise in net profit for the full year that ended Dec. 31, 2013 to $90.9 million from 2012's $62.5 million, with the increase due to strong revenue growth, especially from Southeast Asia, the company said in an announcement of its financial results Thursday.

Revenue reached $1.1 billion, up 11.2 percent from the previous year's $952.2 million, with Southeast Asia contibuting $780.8 million, or 75.3 percent more than the $445.5 million over the same period.

“With revenue surpassing the $1 billion mark, this is not only a momentous breakthrough for Swiber but also a firm reflection of our strong underlying fundamentals ... The South East Asian market ... remains strong, given expected accelerated oil and gas (O&G) exploration to boost domestic oil production in this region. We remain bullish on rest of Asia too, where rig demand is expected to be strong for the next few years," Francis Wong, Swiber Group CEO and president said in a press release.

Swiber, which has a well-diversified portfolio with an $800 million order book, hopes to consolidate its position in Latin America.

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