Swiber wins pipeline installation gig worth $80M
- Business & Finance
Swiber Holdings Limited, a provider of integrated offshore construction and support services to the oil and gas industry, has secured a $80 million Letter of Intent to install pipelines and supporting structure for a global energy company in Latin America.
Under the contract, Swiber will install monobuoys, pipeline-end manifolds and a submarine pipeline.
According to the company, the project will contribute to a rapid succession of new contracts since the end of last year and it boosts Swiber’s order book to $1.9 billion.
Swiber noted that the energy company in Latin America is a new client and the installation work is expected to start in the third quarter of 2015 and to be completed in the first quarter of 2016.
Latin America accounts for about 20% of the world’s proven crude oil reserves of nearly 1.7 trillion barrels, after the Middle East with 55%, according to the Latin American Energy Organization.
Swiber’s Deputy Group Chief Executive Office Darren Yeo said: “Latin America has one of the largest reserves of crude oil in the world and holds exciting potential for the oil and gas industry.”
“We look forward to commencing this project. It signifies our relentless effort to build up our capabilities in the region and to forge new business partnership in the oil-rich parts of the world.”
“This projects also helps maintain the business momentum Swiber has gained since the end of last year, strengthening our reputation as a long-term partner who can deliver quality in a timely and cost-efficient manner.”