Swiber's 1H 2014 Net Profit Rises to $63M, Up 68.3% YOY

Swiber Holdings Limited, Singapore's offshore oil and gas construction and support services firm, posted a 68.3 percent increase in net profit for the first half of 2014 (1H 2014) to $63 million, up from $37.4 million a year ago, with the gains attributed largely to higher other operating income arising from disposal of the firm's subsidiaries, according to financial results released by the company Wednesday.

Revenue however fell to $418.8 million in 1H 2014, down 24.1 percent from $551.8 million a year ago due to lower revenue recognition from existing projects which were substantially completed in 2013. Meantime, no revenue contribution came from new projects -- which amounted to $315 million for engineering, procurement, installation and construction projects across Southeast Asia and Latin America -- that were secured this year as work on them has not commenced.

Swiber has an order book of approximately $610 million as at June 30.

“We have stepped up our business development efforts in Latin America and landed several contracts earlier in 2014 for subsea development and other projects in this market. Barring any unforeseen circumstances, the Group expects to see an improvement in our order book over the next two quarters,” Francis Wong, Group CEO and president of Swiber said in a press release.

“Besides focusing on our core markets in Asia Pacific, the Group is moving swiftly to strengthen our foothold in other growth markets such as Latin America. We believe the anticipated growth of the oil and gas exploration and production activities in Latin America, particularly with the energy reforms in Mexico, will present huge business opportunities for energy players," Wong added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Wood Group Engineers to Carry Out Sakh... (May 22)
 -  Sentinel Marine Takes Delivery of New ... (May 22)
 -  Schlumberger Signs MoU with Saudi Aram... (May 22)
 -  BP Staff Raise Money for 4 Charities w... (May 19)
 -  Norwegian Production Drops Month-on-Mo... (May 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
IT Engineer II
Expertise: Engineering Manager
Location: Houston, TX
 
Project Accountant
Expertise: Accounting
Location: Houston, TX
 
Sr. Engineer
Expertise: Engineering Manager
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours