Swiber bags US$133 million contract in India, its third from same state oil firm

SINGAPORE - Mainboard-listed Swiber Holdings has secured a US$133 million(S$181.08 million) contract, its third major award in India in the last three months.

The project by the same national oil company which awarded Swiber two major contracts in February and March, involves the surveys, design, engineering, procurement, fabrication, installation, and commissioning of six pipelines totaling to 60km, connecting it to existing pipelines, and the modification and repair of platforms and jackets.

The fast track project is scheduled for completion by second quarter of 2016, Swiber said in a release on Wednesday.

With the latest contract, the group's order book stands at close to US$2 billion including US$435.6 million new contracts announced last month, a US$710 million offshore field development project in West Africa last December and a US$310 million contract from the same client in February.

Said group CEO and President Mr. Francis Wong: "To have the same client come back to us repeatedly demonstrates Swiber's understanding of our client and the market, and our ability to bring the group's resources to bear to meet our client's needs."

"We are optimistic about prospects in our target markets despite the fall in oil price and the cutbacks in capital expenditure by some of the oil majors."

"We believe that our strategy of establishing long-term relationships with clients and suppliers has put us in good stead for a time like this."

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