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    Record revenues for Swiber Holdings

    Company News // February 27, 2014

    Swiber Holdings Limited has reported that it has achieved record revenue and net profit for the second consecutive year running for the full year ended December 31st 2013. Revenue rose 11.2 per cent to hit US$1.1 billion from US$952.2 million for the full year ended December 31st 2012. The group’s topline was driven by a 75.3 per cent surge in sales in the Southeast Asia segment to US$780.8 million from US$445.5 million over the same period.

    Overall, net profit increased 45.3 per cent to US$90.9 million in FY2013, up from US$62.5 million in FY2012.

    Francis Wong, Group Chief Executive Officer and President of Swiber, said: "We are pleased to have delivered our second consecutive year of record-high revenue and net profit.

    "With revenue surpassing the US$1 billion mark, this is not only a momentous breakthrough for Swiber but also a firm reflection of our strong underlying fundamentals and testimony to our operational capabilities."

    "The Southeast Asian market, where we enjoy a long and solid track record, remains strong, given expected accelerated oil and gas exploration to boost domestic 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.

    “With a diversified portfolio in our US$800 million orderbook, we are well-positioned to expand and secure our foothold in the Latin America market."

     

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