Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, today reported it posted a 25.3% decline in net profit to US$14.3 million ($19.4 million) for the three months ended June 30, 2010 (2QFY2010) on the back of a revenue of US$106.8 million.

Revenue remained relatively stable at US$106.8 million in 2QFY2010 as compared to US$110.8 million in 2QFY2009. The group recognised contributions arising from projects carried out in South East Asia and South Asia.

Gross profit remained relatively stable at US$23.6 million in 2QFY2010 despite a marginal decline in revenue. Gross margin held steady at 22.1% as compared to 21.5% in 2QFY2009.

The group’s 25.3% decline in net profit was mainly attributed to higher administrative expenses, other operating expenses and finance costs.

The group maintained a strong balance sheet with a healthy cash position of US$78.5 million. Net debt to equity stood at 0.91 times as at June 30, 2010 as compared to 0.84 times as at December 31, 2009.

Swiber says its strong order book of US$915 million is expected to contribute to group results.