Swiber wins US$133 million contract from repeat client in India

SWIBER Holdings, which provides offshore construction services for oil-and-gas projects, on Wednesday said it has secured a US$133 million contract - its third major award in India in the last three months - for engineering, procurement, installation and construction services.

The project by the same national oil company, which awarded Swiber two major contracts in February and March, involves surveys design, engineering, procurement, fabrication, installation, and commissioning of six pipelines totalling 60km.

This project is scheduled for completion by the second quarter of 2016, and brings the group's order book to nearly US$2 billion. Swiber clinched US$435.6 million in new contracts last month. This unnamed client from India had also earlier awarded a US$710 million offshore field development project in West Africa last December and a US$310 million contract a few months ago, to Swiber.

"We are optimistic about prospects in our target markets despite the fall in oil price and the cutbacks in capital expenditure by some of the oil majors," said Swiber's group CEO and president Francis Wong.

"We believe that our strategy of establishing long-term relationships with clients and suppliers has put us in good stead for a time like this."