Swiber Holdings, the integrated construction and support services provider to the offshore oil and gas industry, today reported a 27.5% increase in revenue to US$122.4 million ($157.7 million) for the three months ended September 30, 2010 (3QFY2010), as the group recognised contributions arising from the projects awarded to the group since November 2009, concentrated in South East Asia and South Asia.

Gross profit correspondingly surged 79.9% to US$26.5 million in 3QFY2010 from US$14.8 million in the same corresponding period in FY2009 (3QFY2009). Gross profit margin was up 6.3% to 21.7% in 3QFY2010 as compared to 15.4% in FY2009.

Net profit however declined 51.3% to US$8.0 million mainly due to fair value accounting, forex losses and finance costs. Business expansion efforts also contributed to higher administrative expenses.

Raymond Goh, Executive Chairman of Swiber, says: “We remain confident with the opportunities in the offshore oil and gas sector and we will continue to expand our presence in key markets such as Middle East and Indo China. We have been investing actively in various countries over the last five years including Saudi Arabia, Malaysia and Thailand, and soon, Indonesia. We certainly look forward to further investment opportunities in exciting and growing markets.”

Swiber says its order book of US$800 million is expected to contribute to the group’s result over the next two years.