27 February 2014 02:04 GMT
Singaporean service provider Swiber Holdings posted a rise in
profits for 2013 on the back of a surge of sales in South-East Asia.
The company posted a profit of US$90.9
million, up 45.3% from 2012's net profit of US$62.5 million.
The jump in profits came as revenues climbed 11.2% year-on-year, from US$952.2 million to nearly US$1.1 billion.
Swiber attributed the increased result to a 75.3% surge in sales in the South-East Asia segment to US$780.8 million.
“We are pleased to have delivered our second consecutive year of record-high revenue and net profit,” Swiber chief executive Francis Wong said.
“The South-East Asian market, where we enjoy a long and solid track record, remains strong, given expected accelerated oil and gas exploration to boost domestic oil production in this region. We remain bullish on rest of Asia too, where rig demand is expected to be strong for the next few years.”
He added that the company was well positioned to expand its market growth and was looking to replicate its success in the South-East Asian market by increasing its foothold in the Latin American market.
As of 31 December the company's order book stood at roughly US$800 million.
The jump in profits came as revenues climbed 11.2% year-on-year, from US$952.2 million to nearly US$1.1 billion.
Swiber attributed the increased result to a 75.3% surge in sales in the South-East Asia segment to US$780.8 million.
“We are pleased to have delivered our second consecutive year of record-high revenue and net profit,” Swiber chief executive Francis Wong said.
“The South-East Asian market, where we enjoy a long and solid track record, remains strong, given expected accelerated oil and gas exploration to boost domestic oil production in this region. We remain bullish on rest of Asia too, where rig demand is expected to be strong for the next few years.”
He added that the company was well positioned to expand its market growth and was looking to replicate its success in the South-East Asian market by increasing its foothold in the Latin American market.
As of 31 December the company's order book stood at roughly US$800 million.
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