Singapore Offshore Firm Rides Crest of 2013 Financial Wave

MarineLink.com
Thursday, February 27, 2014
Else-Marie OSV: Photo CCL credit Marc Ryckaert

Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013.

Revenue rose 11.2% to hit US$1.1 billion from US$952.2 million for the full year ended December 31, 2012. The Group’s topline was driven by a 75.3% surge in sales in the South East Asia segment to US$780.8 million from US$445.5 million over the same period.


Overall, in tandem with higher sales, gross profit, a fair value gain and share of profit of associates and JVs, net profit increased 45.3% to US$90.9 million in FY2013, up from US$62.5 million in FY2012.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “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 testimonial to our operational capabilities to consistently deliver high level of excellence in our industry."

“The South East Asian market, where we enjoy a long and solid track record, remains strong, given expected accelerated O&G 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."

About Swiber Holdings Limited
The group offers a wide range of offshore EPIC and marine support services across the Asia Pacific, Middle East, and Latin America regions. Swiber is a public-listed company on the Singapore Stock Exchange with with an extensive operating fleet of 67 vessels,

 

 

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