Singaporean service provider Swiber saw profits rise in the
third quarter of the year on the back of increased revenues.
The company posted a net profit of
US$14.5 million for the quarter, up 14.2% on the US$12.5 million
profit booked during the same period last year.
The rise in profits came as revenues
rose 3.4% year-on-year to US$274.2 million, compared to just US$265.3
million during the third quarter of 2012.
Swiber attributed the increased revenue
to growth in the South East Asia region where the company generated
US$269.9 million in revenue during the most recent quarter, compared
to just under US$164 million a year ago.
This helped offset a fall in revenue
during the quarter across the other regions the company operates in.
Looking ahead, Swiber chief executive
Francis Wong gave a positive outlook for the oil and gas sector,
increasing opportunities for offshore contractors.
prices are expected to remain at a sustainable level that will lead
to continued expenditure by major oil and gas companies to expand
their offshore exploration activities and enhance their production,”
he said. Swiber
also revealed in its third quarter results that, as of November, its
order book stood at US$900 million.
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Last updated: 16 Oct 2016
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