Swiber clinches $549.9m in new deals

A worker walks past a Swiber support vessel at one of their shipyards in Singapore July 10, 2013. Offshore oil and gas construction and services provider Swiber Group has won new contracts worth US$435 million (S$549.9 million). -- PHOTO: REUTER
A worker walks past a Swiber support vessel at one of their shipyards in Singapore July 10, 2013. Offshore oil and gas construction and services provider Swiber Group has won new contracts worth US$435 million (S$549.9 million). -- PHOTO: REUTERS

Offshore oil and gas construction and services provider Swiber Group has won new contracts worth US$435 million (S$549.9 million).

These comprise US$330 million of deals won by the Swiber Group and another US$105 million under a Swiber Group joint venture company, the group said in a statement before the market opened on Monday.

The contracts will start immediately and are expected to be completed by 2015.

"The offshore segment remains exciting and this round of sizeable contract wins bear witness to the industry's recognition of Swiber's leading edge solutions," said Mr Francis Wong, group chief executive officer and president of Swiber.

"With our strong familiarity of this segment, established international networks and successful execution of complex offshore projects in regions such as Asia and Latin America, we have a clear competitive edge over our peers."

Swiber shares gained 3.5 cents to 76 cents as at 11am on Monday. OCBC Investment Research has a buy call on the counter, with a fair value estimate of 86 cents.