Swiber profits on increased revenue

           

By Josh Lewis                 

                  

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.

“Oil 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.