Singapore-listed EPIC contractor, Swiber, has ended its financial year 2015 in USD 18.7 million loss, compared to a profit of USD 31.2 million in the previous financial year.

Net loss after tax attributable to owners of the company was USD 27.4 million or USD 6 per share. This compares to profit in 2014 of USD 16.4 million.

The company’s bottom line was hit by impairment loss of investment in an associate of USD 24.6 million, as well as impairment loss of trade receivables amounting to USD 8.6 million.

Darren Yeo, Swiber’s deputy CEO 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.”

In the 2015, Swiber generated revenue of USD 833 million, up almost 15 per cent from USD 726.5 million in 2014. Revenue boost was recognised for its Latin America project, and new projects in South Asia.

“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,” said Yeo.

As of February 29, 2016 Swiber’s order book was at USD 1.35 billion.

Subsea World News Staff

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