Swiber Reports Profitable First Half 2013

Singapore's Swiber Holdings construction & support services providers to the offshore oil and gas industry, reported that net profit in the half year ended June 30, 2013 rose 11.8% to US$37.4 million from US$33.5 million in the half year ended June 30, 2012.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “The first half of this year has seen Swiber making strides in several ways. Notably, Swiber won several quality projects amounting to US$570 million to-date. Our recently issued S$150 million 6.5% fixed rate certificates under a newly established sukuk programme was met with warm investor response; a strong endorsement of our good financial standing. This will provide us with headroom for further expansion and growth."

Growth Strategies & Outlook
Commented Mr. Francis Wong, “Analysts have forecast international exploration and production spending levels expected to reach a record US$678 billion by end 2013. This augurs well for Swiber’s wide range of offshore EPIC and marine support services across the Asia Pacific, Middle East, and Latin America regions."

“Hence, there is a strong basis to remain optimistic about the prospects for the offshore oil and gas industry. The Group has built up its resources and a sizeable fleet in recent years. Now, our focus is to bid selectively and sharply to win large new contracts from major oil and gas players in the markets where we have a presence in, and also penetrate into new markets.”