Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, says it posted a 32.2% decline in net profit in 1QFY2010 to US$8.1 million ($11.2 million) from US$11.9 million in 1QFY2009 was mainly attributable to higher administrative expenses, other operating expenses and finance costs.

Revenue was relatively stable at US$84.5 million in 1QFY2010 compared to US$87.1 million in 1QFY2009 as the group recognised contributions arising from the maiden Myanmar offshore installation project secured in November 2009. In comparison, 1QFY2009 revenue was mainly contributed by offshore project carried out in India.

Gross margin also remained relatively stable at 21.2% as compared to 20.2% in 1QFY2009 as projects in 1QFY2010 were mainly transportation and installation services in nature.

The group has maintained a strong balance sheet with a healthy cash position of US$82.7 million and reduced gearing. Net debt to equity stood at 0.81 times as at March 31, 2010 as compared to 0.84 times as at December 31, 2009.

Swiber says it has an orderbook of US$839 million.