Swiber clinches three contracts worth $291m

An installation off Sarawak that Swiber completed in September last year. The offshore engineering services provider "remains in a good position to weather the current industry downturn", said Mr Darren Yeo, its deputy group chief executive officer.
An installation off Sarawak that Swiber completed in September last year. The offshore engineering services provider "remains in a good position to weather the current industry downturn", said Mr Darren Yeo, its deputy group chief executive officer.PHOTO: SWIBER HOLDINGS

They include the group's first offshore construction deal in the Middle East

Offshore engineering services provider Swiber Holdings has secured three new contracts for projects in the Middle East and South-east Asia worth US$215 million (S$291 million).

One of these is an engineering, procurement, construction and installation (EPCI) contract from a European oil major to perform pipeline replacement work in Qatar, marking the group's first offshore construction project in the Middle East.

Swiber has started the engineering phase of this project, which is scheduled for completion in the third quarter of next year.

The company recently also won new contracts for a project in Myanmar and a project in Vietnam.

It is participating in a consortium that will carry out EPCI of two wellhead platforms, associated pipelines and tie-ins for a project off the coast of Myanmar for a major South-east Asian oil and gas company. This project is expected to be completed by the first quarter of 2018.

The third contract involves the provision of transport and installation services for a full field development project in the waters off Vietnam. Work has started and is targeted for completion in the third quarter of this year. These latest contracts have lifted Swiber's order book to around US$1.2 billion.

The contracts are expected to contribute to the group's performance in the current financial year ending Dec 31.

Mr Darren Yeo, Swiber's deputy group chief executive officer, said the company "remains in a good position to weather the current industry downturn". "We continue to see opportunities in our target markets and are actively working on new tenders to grow our pipeline of projects," he added.

The group is bidding for projects with a combined value of US$3.4 billion, comprising US$1.65 billion for Africa and Europe, US$750 million for Latin America, US$550 million for South-east Asia and South Asia and US$450 million for the Middle East.

A version of this article appeared in the print edition of The Straits Times on June 08, 2016, with the headline 'Swiber clinches three contracts worth $291m'. Print Edition | Subscribe