Swiber Completes First Floatover Operation in India

Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore industry, announced the successful completion of its first floatover operation with the B-193 Field Development project in India for the country’s national oil company, Oil and Natural Gas Corporation Ltd. (“ONGC”).

The extensive scope of work for this complex project involved floatover installation of a 13,000 MT AP process platform and an 8,000 MT AQ living quarter platform, as well as installation of bridges and flares. Fabrication of the topsides, jackets and other structures was undertaken by a consortium partner at their yard in Malaysia.

With topside weights increasingly exceeding floating crane lifting capacities, floatover installation has emerged as a reliable and cost-effective alternative. The Group utilised its Derrick Pipelay barge Swiber PJW3000 along with the 2 floatover barges Holmen Atlantic and Holmen Pacific supported by several other support vessels for this project, located at offshore Mumbai in India.

Mr. Raymond Goh, Executive Chairman of Swiber said: “The completion of works on the very significant B-193 Field Development Project is a major feat for us as it involves extensive engineering expertise. Swiber is honoured for the trust placed on us by India’s state-owned ONGC to manage this highly complex project.

“The successful execution and completion of B-193, which marks the first time that any company has used floatover methods for offshore field development in India, is a testament to Swiber’s excellent engineering capabilities and asset strength. It is noteworthy that for a project of this size and complexity, we have been able to use most of our in-house assets fully. We remain committed to delivering quality services that epitomises world-class excellence, safety, innovation and value for our global customers. ”

Shri Sudhir Vasudeva, Chairman and Managing Director of ONGC said on this occasion, “ONGC joins Swiber in celebrating the success of the first-of-its-kind floatover installation in offshore Indian waters for the B-193 Field Development Project. This is a noteworthy milestone for offshore exploration and development, as it is the first time that floatover installation methods have been used in India.

“Swiber not only offered a solid value proposition, with savings of over millions of dollars using this innovative float over method, it also delivered complex engineering solutions brilliantly. We are pleased with Swiber’s strong execution of this challenging offshore project and look forward to such associations in the future.

“This experience that brought in cost and time savings for ONGC and hence the nation, prompts me to consider revisiting technology standards for the industry, as has been recently done for safety equipment by the Oil Industry Safety Directorate. It’s time that the upstream sector gets together to fix new technology norms that benefit the nation.”

Mr. Francis Wong, Group Chief Executive Officer and President of Swiber noted, “As the global demand for energy continues its uptrend, Swiber believes that India will continue to be a key region for field development work and we will continue to set a blazing trail in India. Our success in ONGC’s B-193 Field Development Project demonstrates Swiber’s eminent position amongst global offshore oil and gas industry players. Armed with an innate tenacity to deliver and a deep commitment to excellence in quality and service, Swiber is primed to capitalise on the upswings of the offshore oil and gas industry.”

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Press Release, February 21, 2013