MARINE SERVICES

The Marine Services Division reported an attributable profit of HK$1,307 million, an increase of 36% compared to 2012. At Swire Pacific Offshore ("SPO"), results benefited from the additional contribution from newer, more sophisticated vessels that commenced operations in 2013 and a full-year's contribution from the Wind Farm Installation Vessels delivered in 2012. Operating costs increased, principally reflecting the entry of new vessels into service. The attributable profit of the HUD group for 2013 was HK$64 million compared to HK$53 million in 2012.

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2013 Movement in Underlying Profit

Results benefited from the additional contribution from new vessels delivered in 2013 and a full year’s contribution from vessels delivered in 2012.
There were higher operating costs due to the inclusion of the costs of new vessels commencing operations.
Absence in 2013 of
HK$8.6bn
underlying profit on sale  of Festival Walk.

2013 Performance Highlights – SPO

Charter Hire Revenue
+36%
Average Charter
Hire Rates
+USD6,275
per day
Utilisation
-1% points
Operating Costs
+25%

SPO – Global Footprint

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Source: Swire Pacific Offshore, RS Platou
Note: Vessel locations at 31st December 2013