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Swiber reports US$18.7m loss

By  Monday, 29 February 2016 23:46
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Singapore’s Swiber Holdings reported net loss of US$18.7 million for FY15, against a profit of $31.2 million previously.

The firm's group revenue rose 14.7% to $833.0 million in FY15 on higher contributions recognized from Latin America and new projects in South Asia.

Latin America contributed $446.8 million to group revenue, South Asia $244.1 million, while Southeast Asia and other markets added $117.1 million and $24.9 million, respectively.

The company's gross profit stands at $99.3 million. Gross profit margin improved to 11.9% in FY15 from 2.4% in FY14 due mainly to stringent control over operating costs.

Swiber’s group CEO and president, Francis Wong said, “The oil and gas industry remains very cautious due to the weak oil prices with major oil companies aggressively cutting costs and delaying their projects. However, we believe that the impact on shallow water activities will be lower.

“The Swiber team is working very hard as we face challenging market conditions to continue to expand our pipeline of projects and fill up our order book. We believe that our track record of executing projects in a timely, cost-efficient manner will put us in good stead.”

Swiber’s order book stood at $1.35 billion as of 29 February 2016. 

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