Swiber Secures $140 Mln Worth of Contracts (Singapore)

Swiber Secures $140 Mln Worth of Contracts (Singapore)

Singapore’s Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore industry, announced that it has clinched sizeable contract wins worth approximately US$143 million.

This comprises an approximate US$100 million contract for offshore construction work in Southeast Asia; and an approximate US$43 million contract for the charter of a construction vessel that will be deployed to Latin America this year.
Work for the US$100 million contract is expected to commence in Q1 2013 with expected completion by Q3 2013. Work for the US$43 million contract win will begin this year, with an option to extend for the next two years.

Francis Wong, Group Chief Executive Officer and President of Swiber, said “These contract wins bear witness to the industry’s recognition of Swiber’s leading edge solutions for the exciting offshore segment. Swiber’s experienced task force, young and modern fleet, and proven capabilities in the successful execution of complex offshore projects in the Asia Pacific and Latin America have given us a competitive edge over our peers. With our unique strengths, the Group
will continue to attract high-value work from international oil and gas majors.

Southeast Asia is an attractive region for offshore oil and gas development. Capex investment in Asia is forecast to be US$87.1 billion in 2011-2015, which is 45 per cent higher than in the preceding five-year period. Southeast Asia is forecast to¬† account for over 70 per cent of the Asia Pacific’s offshore E&P capex in these five years. Capex investment in Latin America region is also set to increase from US$48 billion in 2010 to US$66 billion in 2014. With the Latin America’s main national oil companies: Petrobras, PEMEX and PDVSA driving growth, prospects for the offshj ore oil and gas sector in Latin America are promising.

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Press Release, January 15, 2013