Swiber's 3Q 2015 Net Profit at $4.3M, Up from a YOY Loss of $22.9M

Swiber Holdings Limited, a Singapore-based provider of engineering, procurement, installation and construction services, reported Saturday a net profit of $4.3 million for third quarter 2015 (3Q 2015) that ended Sept. 30 (3QFY15), compared to a loss of $22.9 million previously.

The firm attributed the return to profitability in the challenging market conditions to contributions from new projects and strict cost control measures as 3Q 2015 revenue reached $215.7 million from $107.3 million a year ago.

Swiber revealed that there was significant revenue recognized for its Latin America project and new projects in South Asia. During the quarter under review, Latin America contributed 72.3 percent or $155.9 million to revenue, while South Asia and Southeast Asia accounted for $38.4 million and $21.4 million, respectively.

“Our third quarter results reflected our efforts of focusing on higher value EPIC services and maximizing cost efficiencies amidst the tough market environment," Deputy Group CEO Darren Yeo said in a press release.

"The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to continue to cut costs and delay some of their projects. Nevertheless, we see pockets of opportunities in shallow water developments and are working actively and prudently on new project tenders in our target markets in South Asia, Southeast Asia, West Africa and Latin America.”

Swiber has an order book of $1.5 billion as at Nov. 13.

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


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)

Most Popular Articles

From the Career Center
Jobs that may interest you
Civil Construction Supervisor
Expertise: Budget / Cost Control|Civil Construction|Construction Manager
Location: North Dakota, United States, ND
Account Manager
Expertise: Business Development
Location: Houston, TX
Drilling Engineering Manager - Delaware Basin
Expertise: Drilling Engineering|Drilling Manager|Engineering Manager
Location: Midland, TX
search for more jobs

Brent Crude Oil : $55.48/BBL 0.25%
Light Crude Oil : $49.91/BBL 0.04%
Natural Gas : $3.15/MMBtu 4.30%
Updated in last 24 hours