Singapore

SINGAPORE-listed offshore and marine (O&M) contracting group Swiber Holdings acknowledged, before stock trading began on Friday, that the delivery of a US$710 million contract for an offshore development project off West Africa has been deferred.

The client is proceeding with the project but expects it to be delayed, Swiber said in a Singapore Exchange (SGX) announcement. The project has not been able to progress in accordance with its original schedule due to weakness in the oil and gas sector since the latter half of 2014, the listed group said, adding that it has not recognised any revenue from the project.