Singapore-based Swiber secured three new contracts worth a total of US$215 million for separate projects in the Middle East and Southeast Asia regions.
Swiber was awarded an engineering, procurement, construction and installation (EPCI) contract from a European oil major to perform pipeline replacement work in Qatar, marking the group’s first offshore construction project in the Middle East.
The firm has commenced the engineering phase of this project, which is scheduled for completion in Q3 2017.
“This job is for a repeat customer with whom we have worked closely on numerous projects across the globe,” said Darren Yeo, deputy group CEO of Swiber.
The group is participating in a consortium that will carry out EPCI of two wellhead platforms, associated pipelines and tie-ins for a project off the coast of Myanmar for a major Southeast Asian oil and gas company.
This project commences immediately and is expected to be completed by Q1 2018. The customer has options to award an additional two wellhead platforms.
The third contract involves the provision of transport and installation services for a full field development project in the waters off Vietnam. Swiber has recently started work on this job, which is targeted for completion in Q3 2016.
“While Southeast Asia has seen a slowdown in offshore oil and gas activities over the past couple of years, it remains an important market for Swiber as our projects in this region contributed $117.1 million or 14.1% of the group’s revenue in 2015,” Yeo said.
These latest contracts have lifted Swiber’s order book to around $1.2 billion.
Last month, Swiber reported an group revenue increast of $191.3 million due to South Asia projects in its Q1 report.
Image from Swiber
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