Swiber bags US$310m contract to work on new gas field in South Asia

SWIBER Holdings Ltd said that it has secured an engineering, procurement, construction, installation and commissioning (EPCIC) contract worth about US$310 million from a national oil company in South Asia - the second-largest contract in its corporate history.

With this new contract, Swiber's order book will rise to about US$1.6 billion, a new record high for the group.

The project involves a full suite of EPCIC services for eight new platforms and associated pipelines required for the development of a new offshore gas field located in South Asia.

The engineering work will commence immediately with overall project completion targeted by March 2017.

Swiber said that it would utilise its in-house state-of-the art construction and support vessels and its highly skilled and experienced project management team.

The new contract is expected to begin contributing to the group's earnings per share in the current financial year ending Dec 31, 2015.

In December 2014, Swiber secured its largest contract - a US$710 million EPCIC project in West Africa.