Swiber makes foray into West African market with US$710m contract

SWIBER Holdings has broken into the lucrative West African oil market through a field development award, the group announced on Monday.

The offshore construction and support services provider to the oil and gas industry secured a US$710 million contract from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning (EPCIC) services for an offshore field development project.

The project award includes the provision of full EPCIC services of an offshore processing facility, as well as associated subsea infrastructure development. For the contract scope and duration, Swiber said it will be mobilising a full and dedicated project management team.

"The award of this project in West Africa to Swiber represents a major leap forward for the group. This not only marks the group's success in penetrating a new growth market, it also shows our relentless effort to raise our capabilities to move into higher-value EPCIC services," said Francis Wong, group CEO and president of Swiber.

Swiber will commence work on the project from the first quarter of 2015 and expects completion in the middle of 2017.

The group has clinched contracts totalling to US$1.03 billion year-to-date.