SINGAPORE : Swiber Holdings has reported a 7.4 per cent drop in third-quarter net earnings, compared to a year ago.

Net profit for the three months ended September came in at US$18.2 million.

Revenue rose 186.5 per cent to US$130.1 million on the back of continued buoyant demand for the company's services in the offshore construction sector.

For the first nine months of the year, net profit came in at US$50.7 million, 72.1 per cent higher compared to last year.

Over the same period, revenue rose 261.3 per cent to US$325.5 million.

Despite the current volatile market, Swiber said it is confident that the long-term fundamentals and outlook for the offshore industry remain positive. - CNA/ms