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.

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