Swiber’s profit jumps by 68.3% in 1H

It has won contracts worth US$315m.

Mainboard-listed Swiber Holdings, a construction and support services provider to the offshore and gas industry, today revealed that it has achieved net profit of US$63 million (S$78.8m) for the first half of the year.

This represents a 68.3% from US$37.4 million (($46.8m) in the same period a year ago, lifted mainly by higher other operating income which increased significantly by US$97.5 million (121.9m) to US$112.4 million ($140.6m).

Year-to-date, the company has won contracts worth a total of US$315 million ($394m), made up of engineering, procurement, installation and construction projects across Southeast Asia and Latin America.

According to Francis Wong, Group Chief Executive Officer and President of Swiber, “Riding on the strong momentum in the offshore sector, we have been actively bidding for major projects in our existing and target markets in Asia Pacific, Middle East, Latin America and West Africa. We have stepped up our business development efforts in Latin America and landed several contracts earlier in 2014 for subsea development and other projects in this market. Barring any unforeseen circumstances, the Group expects to see an improvement in our order book over the next two quarters.”