Singapore: Swiber Clinches Subsea Installation Contract by Major Oil Company

Swiber Holdings Limited , a world class integrated construction and support services provider to the offshore industry, today announced that it has secured a contract from an international major oil company in South East Asia worth approximately US$34 million.

Swiber will be using its in-house fleet of vessels to perform the full spectrum of work, employing one of its pipelay barges together with several support vessels. The contract’s scope of work comprises transportation,  installation and subsea works. Work on the project is expected to commence in the second quarter of 2011. Said Mr. Raymond Goh, Executive Chairman of Swiber, “This marks the beginning of our contracts award season for 2011. We expect the demand for offshore EPCIC work to be high and we are anticipating more contracts to be awarded in the market. We believe that with our integrated service offerings and assets, we are well positioned to capture these opportunities as they open up. We will continue to balance our fundamentals with our growth strategies.”

Mr Francis Wong, Group Chief Executive Officer and President of Swiber added, “As a leading service provider to the region’s leading oil and gas players, our significant vessel fleet gives us a distinct competitive advantage. We have the flexibility to allocate our resources in an optimal manner as well as provide customised solutions to our end customers.”

During 2010, a total of 10 vessels were delivered to Swiber’s fleet– five construction vessels and five support vessels. Swiber’s current fleet size comprises 50 vessels – 38 support vessels and 12 construction vessels. This  extensive fleet enables the Group to deliver a wide range of services to support its customers’ different requirements.

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 organizations. With an extensive and growing operating fleet of 50 vessels, comprising 38 offshore vessels and 12 construction vessels, and over 2500 employees with 36 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 of “Singapore’s Intangible Assets and Brands 2010”, receiving an AA- Brand Rating. This has reaffirmed Swiber rapid growth as an EPIC player well-positioned to capitalise on the booming offshore industry.

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Source: Swiber , March 10, 2011;