Swiber warns of delay in US$710m West Africa project

A project completed in September 2015 by Swiber off Sarawak, Malaysia.
A project completed in September 2015 by Swiber off Sarawak, Malaysia. PHOTO: SWIBER HOLDINGS

SINGAPORE - Mainboard-listed Offshore construction services company Swiber Holdings said on Friday (July 8) that its US$710 million (S$957.6 million) project in West Africa has not been able to progress on schedule "due to weakness in the oil and gas sector since the latter half of 2014".

Swiber said that based on recent discussions with the project's client, the client is proceeding with the project but expects its completion to be delayed.

The group has not recognised any revenue related to the project, said Swiber.

It was awarded the contract in 2014 bya Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning services for the project.