Swiber bags US$81.4 mln SEA deals

Construction and support services provider Swiber Holdings Ltd. announced a Letter of Award today from a major oil company in South East Asia worth US $81.4 million.

The LOA is expected to commence in the second quarter of 2010 and is Swiber’s fourth order deal in three weeks. The Group recently secured a Myanmar offshore installation project worth US$77.0 million on November 25, 2009 and two LOAs to service offshore support vessels worth US$81.9 million from major oil companies in South East Asia. In total, the company has secured four contracts worth US$240.4 million secured in the last three weeks.

Said Mr. Raymond Goh, Executive Chairman and Group CEO of Swiber, “We believe that with our integrated service offerings, we are well positioned to capture these opportunities as they open up.“We are constantly on the lookout for ways to outperform ourselves. The current increasing rate at which our EPCIC projects is growing is a testament to our skill and expertise in the offshore oil and gas industry. Moving forward, we will continue to work on strengthening our market presence through our alliances in the Asia Pacific, Middle East and Indo-China.”

Swiber currently operates a fleet of 44 vessels comprising of 34 offshore vessels and 10 construction vessels, with 80% of its fleet younger than 4 years old. The Group has recently expanded the diving division of its Offshore Support Services. Today, the Group has one of the largest team of divers to provide subsea diving services in the industry.

Swiber is a public-listed company on the Singapore Stock Exchange. In September 2008, Swiber was featured on Forbes Asia’s “Best under a Billion” list, for consistent growth in both sales and profits over three years.