Swiber Profit Dips to $70K

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.

Share this article

Follow Subsea World News


<< Feb 2020 >>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1


The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >


The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >