Swiber Holdings posted 3Q earnings of US$3.2 million ($4.6 million) for the third quarter ended September, a turnaround from reported losses of USS$27.5 million a year ago.
This was on the back of revenue doubling from US$107.3 million to US$215.7 million.
The return to profitability was thanks to contributions from new projects and strict cost control measures, said the global provider of engineering, procurement, installation and construction (EPIC) services for the offshore industry.
"The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to continue to cut costs and delay some of their projects. Nevertheless, we see pockets of opportunities in shallow water developments and are working actively and prudently on new project tenders in our target markets in South Asia, South-east Asia, West Africa and Latin America," says deputy group chief executive officer Darren Yeo.
The group's order book stood at a record US$1.5 billion as at Nov 13.
Swiber last closed at 22 cents.
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This was on the back of revenue doubling from US$107.3 million to US$215.7 million.
The return to profitability was thanks to contributions from new projects and strict cost control measures, said the global provider of engineering, procurement, installation and construction (EPIC) services for the offshore industry.
"The outlook for the oil and gas industry has turned increasingly cautious as oil prices remain weak, forcing major oil companies to continue to cut costs and delay some of their projects. Nevertheless, we see pockets of opportunities in shallow water developments and are working actively and prudently on new project tenders in our target markets in South Asia, South-east Asia, West Africa and Latin America," says deputy group chief executive officer Darren Yeo.
The group's order book stood at a record US$1.5 billion as at Nov 13.
Swiber last closed at 22 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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