New deal swells Swiber’s order book to US$752mln

The offshore services company secured a US$30mln contract to perform platform installation services for an oil major in South Asia.

The win came just three days after Swiber bagged three more contracts totaling US$82mln from three oil major in Southeast Asia for pipeline installation services in the region, including mobilisation of marine vessels, equipment and personnel.

The new deal, which will start in 4Q11 and is expected to be completed by 1Q12, is an addition to the numerous job orders Swiber has managed to clinch for 2011. In May, the company secured contract wins worth approximately US$109mln for transportation, installation and subsea works from an international major oil company in Southeast Asia, and a notice of award for EPIC contract worth approximately US$125mln from a leading gas and oil operator in South Asia for engineering, procurement, transportation and installation of several pipelines in March.

Francis Wong, Swiber’s Chief Executive Officer and President said, “Despite the volatility in the global financial markets, we have seen our order momentum accelerated, as oil companies continue to invest in capex. We believe that this trend will persist given the structural growth in demand for energy in Asia.”