Singapore: Swiber Announces Highest Order Book in its Corporate History

Swiber Holdings Limited , a world class integrated construction and support services provider to the offshore industry, announced today that its order book has rocketed close to US$1.0 billion, the highest in the Group’s corporate history, after securing its single largest contract win this year worth approximately US$155.0 million for an EPIC pipeline project in South Asia.

This repeat order win from a major oil company in South Asia reflects Swiber’s strong position in meeting stringent customer requirements among oil majors and the robust capex investment in the oil and gas industry on the back of resilient oil prices. The latest EPIC pipeline project is scheduled to commence in 4QFY2012 and targeted to complete in 2QFY2013.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “We are delighted to have hit a new high watermark in our order book since listing. Swiber has proven its mettle, securing and delivering larger and larger projects over the last few years. This latest contract win, a repeat from a major oil company, is a testament to Swiber’s consistent excellent service, efficiency, commitment to safety and timely deliveries, and is reflective of our customer’s confidence in our ability to deliver to their challenging requirements.

“Looking ahead, industry-wise, we expect that structural growth in demand for energy in Asia and Middle East will catalytically lead to increased capex expenditure in the next two years, providing a boost to offshore construction activities. We are also encouraged by two recent high profile consolidations in Malaysia and the US in the offshore construction industry. These consolidations set the valuation of international offshore construction companies like Swiber and provide a good benchmark for the rest of the industry players.

“We intend to continue to actively bid for various oil & gas projects. With a fleet of 12 construction vessels and 39 support vessels, Swiber is more than ready to seize these opportunities.”

Buoyed by the string of contract wins, the company is far from resting on its laurels. Said Mr. Wong, “Swiber is committed to operational excellence. With the integration of our Continuous Swiber Improvement (CSI) initiative, adapted from the Lean philosophy, we are the first in the industry to go into full-scale implementation of Kaizen and Lean management which focuses on continuous improvement of processes in project execution, engineering, supporting business processes and management to achieve more results with less cost.”

As a testament to Swiber’s commitment to operational excellence and building up its brand strength, Swiber is consistently among “Singapore’s Top 100 Brands” in the Brand Finance’s Annual Report of “Singapore’s Intangible Assets and Brands” for three consecutive years, with a brand value of US$79.0 million and a brand rating of AA-.

Swiber has secured to date, new contract wins amounting to US$587.0 million in 2011 from oil and gas majors for work in Asia and the Middle East.

About Swiber Holdings Limited

Listed on November 8, 2006, Swiber is a world class integrated construction and support services provider to the offshore oil and gas industry, offering a wide range of offshore EPIC and marine support services across the Asia Pacific and the Middle East. Since its foundation in 1996, Swiber has been dedicated to building the company into a leader in the offshore oil and gas industry. Today, Swiber is a public-listed company on the Singapore Stock Exchange with an eminent position among global offshore oil and gas engineering and construction organisations.

With an extensive and growing operating fleet of 51 vessels, comprising 39 offshore vessels and 12 construction vessels, and over 2000 employees with 41 different nationalities in strategically located offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value among its customers. In September 2008, Swiber was featured on Forbes Asia’s “Best under a Billion” list, an honour given to the top 200 Asia-Pacific companies with consistent growth in both sales and profits over three years. Swiber continues to ascend the ranks of the nation’s “Top 100 Brands” in the Brand Finance’s Annual Report, ranking as one of the nation’s top 100 Brands in the Brand Finance’s Annual Report of “Singapore’s Intangible Assets and Brands” with AA- Brand Rating consecutively for 2010 and 2011 and brand value of US$ 79 million as of 2011. This has reaffirmed Swiber rapid growth as an EPIC player wellpositioned to capitalise on the booming offshore industry.

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Source: Swiber, September 22, 2011;