Swiber Holdings, the provider of offshore and marine engineering services, has reported a near 10% decline in 3QFY2009 net earnings to US$16.4 million ($22.8 million) despite a 26.2% drop in revenue to US$96 million for the three months ended 30 September 2009 (3QFY2009).

With decreased revenue, Swiber’s cost of sales declined 21.9% to US$81.3 million although it was insufficient to offset the drop in revenue. Major component of costs are chartering, subcontractors, materials, labour and consumables.