Swiber secures $215m worth of contracts

Swiber Holdings has announced that it has secures three new contracts for projects in the Middle East and Southeast Asia regions worth a total of $215m.

Swiber was awarded an EPCI contract from a European oil company to perform pipeline replacement work in Qatar, marking the group’s first offshore construction project in the Middle East.

“Despite the ongoing oil market volatility and challenging condition in the offshore oil and gas industry, Swiber continues to demonstrate our aility to successfully secure new projects. In fact, one of these new projects represents an important breakthrough for Swiber into the lucrative Middle East market,” said Darren Yeo, deputy group ceo of Swiber.

The other two contracts are a EPCI contract in Myanmar with a Southeast Asian oil and gas company, and a transport and installation service contract in Vietnam.

“While Southeast Asia has seen a slowdown in offshore oil and gas activities over the past couple of years, it remains an import market for Swiber as our projects in this area contributed $117.1m or 14.1% of the group’s revenue in 2015,” Yeo said.

The latest contracts have lifted Swiber’s orderbook to around $1.2bn.
Source: splash247.com

Leave a Reply

Your email address will not be published. Required fields are marked *