Swiber Holdings bags $100m Latin America contract

SINGAPORE - Swiber Holdings, which provides construction and support services to the offshore oil and gas industry, has won an US$80 million (S$100 million) contract for subsea development work in Latin America.

This brings the total value of contracts clinched by the Singapore-listed group to US$315 million so far this year, it said on Monday.

Work on the new project will start immediately and is expected to be completed next year.

"We believe that with the heightening of our marketing and business development efforts in Latin America, Swiber is steadily establishing foothold in the growing energy sector in Mexico," said Swiber's group chief executive and president Francis Wong.

He added that "rising awareness of Swiber's wide range of integrated offshore construction services, enhanced with in-house marine support and engineering capabilities, has created a strong brand presence" in Mexico.

A recent push to dismantle abandoned oil and gas infrastructure in the Gulf of Mexico has created a US$2.5 billion market for companies, Swiber said, citing a report last month by the Houston Chronicle.