Blame it on a depleting order book.
Swiber reported a net loss attributable to shareholders worth $1.7m (US$1.25m) in the first quarter.
This compares unfavourably to a net profit of $70m (US$52.8m) recorded in the same period last year.
Swiber attributed the decline to its depleting order book and the absence of a disposal gain in the same quarter last year.
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