Swiber Bags Three Offshore Installation Contracts Worth USD 82m (Southeast Asia)

Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class integrated construction and support services provider to the offshore industry, is winning new projects and beefing up its orderbook in quick successions.

The Group announced today that it has secured three contracts totaling approximately US$82 million from three oil majors from Southeast Asia.

For these contract wins, Swiber will perform pipeline installation services in the region, including mobilisation of the requisite marine vessels, equipment, and personnel. All projects will commence immediately with completion targeted for the second quarter of 2012.

Said Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “Swiber is heartened by the speedy pace at which our projects pipeline is growing. Our ability to win new contracts and deepen our relationships with the major oil and gas companies attest to our leading position in the offshore oil and gas market, and the level of expertise, quality, and professionalism we bring to all of our projects.”

Mr. Wong continues, “Southeast Asia offers tremendous opportunities for the offshore industry, as increasing exploration and production activities generate a strong and growing demand for EPIC work. Our orderbook, which now stands at US$722 million, will likely grow in tandem with Asia’s increasing energy demands.”

To date, the Group has secured new contract wins totaling US$377 million in 2011. Swiber, rooted in Southeast Asia and possessing a deep understanding of the region, had earlier secured contract wins worth approximately US$109 million in May 2011 from oil majors, for projects in Indonesia, Malaysia, Thailand, and Vietnam. These came in quick succession following 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, August 15, 2011