Swiber Achieves Record Earnings on South American, Asian Contract Wins

Singapore-listed Swiber reported Wednesday that it has achieved a record for both revenue and profit for the financial year ended Dec. 31, 2012, the highest since its listing in 2006.

Net profit surged 48.3 percent from $42.2 million year-on-year, while revenue increased 45.5 percent to $952.2 million for the same period.

Offshore construction contract wins secured in the South American and Southeast Asian regions contributed significantly to the company’s topline, Swiber said in a statement.

"We continue to be bullish about Asia, in particular Southeast Asia, a region that Swiber has a deep knowledge of, coupled with a proven track record. As of February this year, Swiber's order book stands at around $1.35 billion, with a significant portion to be carried out in Asia," Swiber's CEO and President, Francis Wong, noted in the company’s earnings statement.

"For 2013, Swiber will continue to strategically bid for work in [Southeast Asia], in addition to other regions such as South Asia, South America and the Middle East," Wong added.

In a separate statement, Swiber revealed Wednesday its first offshore contract wins for this year. The contracts – which add up to $153 million – involve the transportation and installation of pipelines and offshore structures in Southeast Asia. 

Swiber made mention of the B-193 Field Development project, its first floatover operation successfully executed and completed with India’s state-backed Oil and Natural Gas Corporation.

"Capabilities wise, the completion of works on the B-193 Field Development project marks the first time that any company has used floatover methods for offshore field development in India. With its success, we are primed to further capabilities on the upswings in the offshore oil and gas industry in India and beyond," Wong said.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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