Singapore-listed EPIC contractor, Swiber, has just barely remained in black for the three months ended March 31, 2015 (1QFY15) as it prepares for a business recovery in the coming months.
In the first quarter 2015, Swiber recorded net profit of US$70,000 compared to US$52.8 million in 1Q2014. The company, however, also reported a $1.3 million net loss, attributable to shareholders, compared to a profit of US$48.0 million in the same period last year.
According to Swiber, the drops were due to depletion of the group’s order book last year, and the absence of a US$95.1 million gain from the disposal of a group of subsidiaries which bolstered the previous comparable numbers.
Furthermore, Swiber’s revenue fell 17.3% to US$164.9 million compared to US$199.5 million in 1Q2014.
Deputy Group Chief Executive Officer, Darren Yeo, commented: “We had a difficult first quarter which was expected given the smaller pipeline of contracts last year. With our pipeline now standing at a record US$1.8 billion, we believe we are well positioned for a strong turnaround especially in the second half.”
Namely, in December 2014, Swiber was awarded a US$710 million EPIC project in West Africa. This is the largest contract win in the Group’s corporate history, and also marked its first entry into a new geographical market. Since the beginning of 2015, it has won three contracts for EPIC services in India of more than US$800 million.