Swiber makes a profit in third quarterCompany News // November 16, 2015
Swiber Holdings Limited has reported a net attributableprofit of US$3.2 million for its third quarter ended 30 September 2015 (3QFY15), against a loss of US$27.5 million previously.
The return to profitability came despite challenging market conditions as contributions from new projects and strict cost control measures boosted the bottom line.
Group pre-tax profit totalled US$7.9 million in 3QFY15 following a loss of $17.0 million in the same quarter last year. There was significant revenue recognised for its Latin America project and new projects in South Asia.
Deputy Group Chief Executive Officer Darren Yeo said: “Our third quarter results reflected our efforts of focusing on higher value EPIC services and maximising cost efficiencies amidst the tough market environment.
“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.”