Singapore: Swiber Boosts its Orderbook to USD 777 Million

Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore industry announced today that its order book has gained momentum, growing to US$777 million.

This follows contracts awarded to its offshore subsea diving subsidiary, Kreuz Holdings Limited  totalling approximately US$25 million, with a US$10 million option, from a leading offshore construction company in the oil and gas business located in the Middle East. This is the third consecutive quarter of growth in the Group’s order book, surpassing Q2FY2011’s healthy orderbook of US$752 million, reflective of the strong momentum in the offshore exploration and development segment.

Swiber will be utilising its in-house fleet of vessels to perform the full spectrum of projects comprising subsea installation works, which will commence in 3QFY2011 and is targeted to complete in 2QFY2012.

Said Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “Swiber’s order book growth continues to accelerate as we establish Swiber as the pre-eminent offshore oil and gas services provider in the Asia Pacific and Middle East. With our integrated service offerings and assets, Swiber is in a strong position to capture these opportunities as they come. As a leading service provider to the major oil and gas companies, our significant vessel fleet gives us a distinct competitive advantage as we have the flexibility to allocate our resources in an optimal manner while providing excellent, customised solutions to our end customers.

“With our asset expansion largely completed, we now have a strong fleet of 50 vessels to meet the increasing capex spending by global oil majors. We believe that this trend will persist given the solid fundamentals of the oil and gas industry and we will continue to balance our fundamentals with our growth strategies.”

To date, the Group has secured new contract wins totalling US$432 million in 2011. Swiber had secured on August 15, an offshore installation contract worth approximately US$30 million for platform installation services in the region, from an oil major in South Asia. This ensued three days after Swiber secured contract wins worth approximately US$82 million from three oil majors from Southeast Asia for pipeline installation services in the region, including mobilisation of marine vessels, equipment, and personnel.

Prior to this, Swiber secured a contract 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 in March 2011 of US$27 million charter contracts for AHTS, flat top barges, construction barge and other services in Southeast Asia from leading oil majors and other oil and gas contractors. In same month, Swiber had also secured 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.

[mappress]
Source: Swiber, August 23, 2011;