Singapore: Swiber Secures USD 30 Million Platform Installation Services Contract

Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore industry announced today that it has secured yet another consecutive contract totaling approximately US$30 million in quick succession from an oil major from South Asia. As a result, the Group’s order book has grown to US$752 million surpassing the US$720 million in 1QFY2011.

For this latest contract win, Swiber will perform platform installation services in the region and will commence in 4QFY2011 with completion targeted for 1QFY2012. Said Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “Despite the volatility in the global financial markets, we have seen our order momentum accelerated, as oil companies continue to invest in capex. We believe that this trend will persist given the structural growth in demand for energy in Asia.”

To date, the Group has secured new contract wins totaling US$407 million in 2011. Just three days earlier, Swiber, rooted in Southeast Asia and possessing a deep understanding of the region, secured contract wins worth approximately US$82 million from three oil major from Southeast Asia for pipeline installation services in the region, including mobilisation of marine vessels, equipment, and personnel.

Mr. Wong continues, “Our rapid order wins in such a short span of time is a testimony of the leading mind share that Swiber enjoys with the major oil companies operating in the region. This is a position that we take seriously and are working hard to continue to strengthen.”

Prior to this, the Group secured contract wins worth approximately US$109 million in May 2011 from oil majors, for projects in Indonesia, Malaysia, Thailand, and Vietnam. These followed soon after the Group’s win of a US$34 million contract for transportation, installation and subsea works from an international major oil company in Southeast Asia, and a notice of award for EPIC contract worth approximately US$125 million from a leading oil and gas operator in South Asia for engineering, procurement, transportation and installation of several pipelines in March.

[mappress]
Source: Swiber Holdings, August 15, 2011;