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February 12, 2015

Swiber secures $310m EPCIC contract in South Asia

Swiber has won a $310m engineering, procurement, construction, installation and commissioning (EPCIC) contract from a national oil company in South Asia.

Swiber has won a $310m engineering, procurement, construction, installation and commissioning (EPCIC) contract from a national oil company in South Asia.

The deal requires Swiber to deliver a range of EPCIC services for eight new platforms and related pipelines needed to develop a new offshore gas field located in South Asia.

The engineering work will start immediately with the entire expected to be completed in March 2017.

"Swiber has performed offshore projects with a total value of approximately $1.66bn."

Swiber will use its construction and support vessels, as well as project management team for the work.

Swiber group chief executive officer and president Francis Wong said: "This new contract is awarded by the national oil company for which we had previously completed a floatover platform installation project.

"Over the years, Swiber has performed offshore projects with a total value of approximately $1.66bn, including consortium for this customer."

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Swiber said it has continued to secure new projects despite the prevailing headwinds occured by the decline in oil prices.

In December 2014, the company secured a $710m EPCIC project in West Africa.

Singapore-based Swiber provides offshore construction services to the oil and gas industry. The company presently owns and operates a fleet of 81 vessels, featuring 13 construction vessels and 68 offshore vessels.

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