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.
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