Mainboard-listed Swiber Holdings has made its first foray into the offshore oil and gas market in West Africa by securing an award from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning (EPCIC) services for an offshore field development project.
The US$710 million (S$931.05 million) project award includes the provision of full EPCIC services of an offshore processing facility, as well as associated subsea infrastructure developments.
Said Mr Francis Wong, group chief executive officer and president of Swiber, "The award of this Project in West Africa to Swiber represents a major leap forward for the group.
"This not only marks the Group's success in penetrating a new growth market, it also shows our relentless effort to raise our capabilities to move into higher-value EPCIC services.
"With this project, Swiber will broaden its experience, knowledge base and skill sets to enhance our competitive standing in the offshore oil and gas industry, and pursue new areas of business opportunities in the growing West African market.
For the year-to-date, Swiber has clinched contracts totaling to US$1.03 billion, Mr Wong added.
Swiber will commence work on the project from the first quarter of 2015 and expects completion to take place in the middle of 2017.