Swissco Holdings which provides marine services to the offshore oil and gas industries, saw its 3Q earnings increase 38.7% to US$11.2 million ($15.9 million).
The group recorded a net foreign exchange gain of $6.4 million in 3Q. compared with last year’s $0.2 million.
Revenue dropped 63% to US$10.4 million. Two rigs that commenced charter last September contributed US$5.2 million in revenue, while the group’s offshore support vessel segment contributed another US$5.2 million.
The decrease in offshore support vessel segment’s revenue was due to lower average day rates and lower utilisation rates in 3Q. There was also no maritime project completed in 3Q compared to a year ago.
The group says it is stepping up its marketing efforts to explore new markets, including Middle East, Africa and India for its offshore support vessel segment.
Swissco closed 9.4% higher at 29 cents.
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The group recorded a net foreign exchange gain of $6.4 million in 3Q. compared with last year’s $0.2 million.
Revenue dropped 63% to US$10.4 million. Two rigs that commenced charter last September contributed US$5.2 million in revenue, while the group’s offshore support vessel segment contributed another US$5.2 million.
The decrease in offshore support vessel segment’s revenue was due to lower average day rates and lower utilisation rates in 3Q. There was also no maritime project completed in 3Q compared to a year ago.
The group says it is stepping up its marketing efforts to explore new markets, including Middle East, Africa and India for its offshore support vessel segment.
Swissco closed 9.4% higher at 29 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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