Swiber has secured an $80m letter of intent from an unnamed energy company in Latin America to install subsea pipelines and supporting structures.

Under the contract, the company will install monobuoys, pipeline-end manifolds, as well as a submarine pipeline.

According to the company, the latest project will boost its order book to around $1.9bn.

Pipeline installation work is expected to start in the third quarter of 2015 with completion set to take place in the first quarter of 2016.

"Latin America has one of the largest reserves of crude in the world and holds exciting potential for the oil and gas industry."

Swiber deputy group chief executive officer Darren Yeo said: "Latin America has one of the largest reserves of crude in the world and holds exciting potential for the oil and gas industry.

"We look forward to commencing this project. It signifies our relentless effort to build up our capabilities in the region and to forge new business partnerships in the oil-rich parts of the world."

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The project will help the company maintain its business momentum and bolster its reputation as a long-term partner that can deliver work in a timely manner, Swiber said.

Latin America, which accounts for about 20% of the world’s crude oil reserves of nearly 1.7 trillion barrels, contributed to 69% of the group’s revenue of $165m in the first quarter of fiscal 2015.

Swiber provides integrated offshore construction and support services to the oil and gas industry and owns a fleet of 13 construction vessels.