Singapore's Swiber Win Major Offshore Contracts

Swiber Holdings Limited clinch US$ 830-million contracts in Asia Pacific & Middle East for offshore construction, vessel charters

These awards include offshore construction projects and vessel chartering services in the Asia Pacific region. In addition, it has received a letter of award (“LOA”) through its JV Company to charter out a spread of support vessels in the Middle East.

Swiber’s contract wins in the Asia Pacific region include projects for engineering, procurement, and installation of pipelines, umbilicals, and subsea systems; and transportation and installation of wellhead structures and associated pipelines. In addition, the Group will provide vessel chartering services in the region. Work for these projects will commence immediately this year and will carry on into 2014.

Concurrently, the Group has also secured a charter LOA for the provision of a spread of support vessels for a major oil producer in the Middle East through its JV Company, with a committed period of three years and an additional option period of two years. The contract period will commence immediately and is expected to continue until 2017, if all options are exercised.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “Winning these sizeable contracts reiterates the industry’s confidence in Swiber as a world class solutions provider. With a large asset base, coupled with our strong position of providing a full suite of integrated services, we have achieved an eminent position amongst global offshore oil and gas players and remain committed to break new grounds."