Annual Report 2014

Broadening Offshore Support

The Marine Services Division reported an attributable profit of HK$1,072 million, a decrease of 18% compared to 2013. At Swire Pacific Offshore ("SPO"), results were adversely affected by the difficult market conditions in the second half of the year caused by the significant decline in the oil price. This put pressure on charter hire rates and utilisation (in particular for the specialist fleet).

2014 Movement in Underlying Profit
Additional charter hire revenue was contributed by new vessels delivered in 2014 and by a full year’s contribution from vessels delivered in 2013.
There were higher operating costs due to the inclusion of the costs of new vessels commencing operations.
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2014 Performance Highlights
Charter Hire Revenue
Average Charter Hire Rates
+USD4,000 per day
-2.3% points
Operating Costs
SPO Global Footprint