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OFFSHORE and marine construction services provider Swiber Holdings said on Friday its US$710 million project in West Africa will not be able to progress as expected due to weakness in the oil and gas sector.
The Singapore-listed firm had won the contract in late 2014 from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning services for an offshore field development project.
Swiber group CEO and president Francis Wong had then said the award of the project represented a "major leap forward" for the group.
"Based on recent discussions with the client, the client is proceeding with the project but expects the completion of the project to be delayed," Swiber said. "The group has not recognised any revenue related to the project."