Swiber Secures USD 109 Million Contract for Projects in Indonesia, Malaysia, Thailand and Vietnam

Swiber Holdings Limited , a world class integrated construction and support services provider to the offshore industry, announced that it has secured contract wins worth approximately US$109 million from oil majors for projects in Indonesia, Malaysia, Thailand and Vietnam. These contract wins come in quick succession following recent wins in the last three months.

The contracts comprise of execution of offshore construction projects, chartering of offshore construction and support vessels, and execution of subsea and related projects. All works will be performed within the period of 2QFY2011 to 3QFY2012.

Said Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “These contract wins reflect another milestone for us in the contract season for FY2011, and reflect the strong and growing demand for offshore construction and support vessels. It also illustrates our strong market position among major oil and gas players in terms of providing a full suite of offshore support services.

“Our strategy is to provide a full range of integrated service offerings which can be customised to the different requirements for our customers in various markets. With a young and strong current fleet standing at 51 vessels, we believe we are well-positioned to continue capturing more opportunities as they open up. We will continue pursuing our growth strategies while keeping a close tab on our cost structure and maintaining the health of our balance sheet.

“Offshore industry outlook has continued to improve amidst strong crude oil prices globally, and we expect the momentum of offshore activities to continue.”

As of to-date, the Group has secured new contract wins totaling US$295 million in 2011. Swiber had earlier secured various charter contracts worth approximately US$27 million in March 2011 from leading oil majors and other oil and gas contractors, for its offshore construction and support vessels. In addition, Swiber also secured 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. The Group also separately secured a US$34 million contract for transportation, installation and subsea works from an international major oil company in South East Asia.

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Source: Swiber, May 24, 2011.