Swiber secures contract with South Asia oil operator

Tasks for its third contract in 2010 include engineering, procurement and laying of subsea pipelines.

Swiber Holdings Limited, an integrated construction and support services provider to the offshore industry, on Monday announced a Notice of Award from an oil and gas operator in South Asia worth approximately US$148.0 million.

The scope of work comprises engineering, procurement, transportation and installation of several pipelines in South Asia including platform modifications. The offshore work will commence in Q4 2010 and is expected to be completed by Q2 2011, according to Swiber’s release on Monday.

Said Mr. Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, "This is our third contract win for 2010, adding to the consortium awards of US$306 million worth of contracts that we have secured earlier this year."

Equipped with a team of highly experienced project management teams and engineers and an extensive fleet of modern construction and support vessels, Swiber is able to perform a full suite of offshore construction services, delivering integrated and innovative solutions to a wide and diverse range of offshore projects.

Mr. Goh added, "The long term macro-economic fundamentals of the industry look positive. Demand for EPIC work, in particular for the shallow water segment will be positive in the near to medium term. With the gradually improving world economic outlook, this will lead to increasing demand for oil and increased production spending by oil majors."