Swiber Holdings Limited, an integrated construction and support services provider to the offshore oil and gas industry today reported a 14.0% increase in net profit to US$46.0 million for the nine months ended September 30, 2012 (“9M2012”), in tandem with a 47.0% surge in revenue to US$689.3 million over the same period.
The strong revenue growth was driven by various offshore construction contract wins that are concentrated beyond the Group‘s traditional markets of Southeast Asia and South Asia to include Latin America. Gross profit held steady at 15.7% for 9M2012, within the 15 – 16% range, notwithstanding higher cost of sales in line with the rise in revenue.
Said Francis Wong, Group Chief Executive Officer and President of Swiber , “We are pleased to have delivered a good nine-‐month performance, which has surpassed FY2011 topline and bottomline results. Our strategies of expanding our capabilities and geographical reach have continued to bear fruits.
“Our latest sizeable US$143 million win in Southeast Asia and Latin America is a strong endorsement of our capabilities by oil majors. We will continue to build on our strong foundation to expand our market share and establish Swiber as the pre-‐eminent offshore oil and gas services provider beyond the Asian region.
“Looking ahead, we see tremendous opportunities in the sector as the oil and gas industry resumes its capex investment after the recent financial crisis, in response to the increasing appetite for energy in developing economies. We have seen this in the form of new order wins by Singapore rig-‐builders. This would in turn create demand for offshore services down the road when exploration and production work begins. We will continue to evaluate opportunities to further expand our capabilities to offer synergistic services and diversify our market reach.”
[mappress] Press Release, November 15, 2012