Swiber wins three projects worth US$215m in Qatar, South-east Asia

SWIBER Holdings said on Tuesday that it has secured three new contracts for projects with a total value of US$215 million in the Middle East and South-east Asia.

One of these projects is an EPCI (engineering, procurement, construction, and installation) contract from a European oil major to perform pipeline replacement work in Qatar. This marks the group's first offshore construction project in the Middle East. The group has commenced the engineering phase of this project, which is scheduled for completion in the third quarter of 2017.

Said Darren Yeo, deputy group CEO of Swiber: "Despite the ongoing oil market volatility and challenging conditions in the offshore oil and gas industry, Swiber continues to demonstrate our ability to successfully secure new projects.

"This job is for a repeat customer with whom we have worked closely on numerous projects across the globe. It is a testament of our proven experience and execution capabilities that the customer is once again entrusting Swiber with this project in Qatar."

The other two projects are in Myanmar and Vietnam. In Myanmar, 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 South-east Asian oil and gas company. This project is expected to be completed by the first quarter of 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. It is targeted for completion in the third quarter of this year.

These latest contracts have lifted Swiber's order book to around US$1.2 billion. The contracts are expected to contribute to the group's financial performance in the current financial year ending December 2016.

Separately, Swiber said that the US$100 million EPIC contract it was awarded in February 2016 has been re-tendered by the customer due to changes in the project work scope and schedule. It added that it will soon be submitting its bid for this project.

The group is currently bidding for projects with a combined value of US$3.4 billion, made up of US$1.65 billion for Africa/Europe, US$750 million for Latin America, US$550 million for South-east Asia and South Asia, and US$450 million for the Middle East.