Swiber Lands $405.6M Contracts, Including a $333M EPCI Deal from Indian NOC
Singapore's Swiber Holdings Limited has clinched contracts worth $405.6 million, including a $333 million deal for engineering, procurement, construction and installation (EPCI) services in India, the company said in a press release Thursday.
The contract in India is the second awarded to Swiber by the same national oil company (NOC) in just over a month. The project, to commence immediately, involves transportation and installation of submarine pipelines and engineering works and modification of existing facilities. Phase 1 is expected to be completed by the second quarter of 2016 and Phase II, the second quarter of 2017.
In February, Swiber landed a $310 million engineering, procurement, construction, installation and commissioning (EPCIC) contract from the NOC, covering eight new platforms and associated pipelines required for the development of a new offshore gas field in South Asia.
In addition to the contract from India, Swiber bagged a few other smaller contracts, valued at $72.6 million, for mooring, jackup installation and offshore pipeline and subsea work, in Asia Pacific.
Overall, the contract awards boost the Group’s order book to over $1.8 billion to-date, including a $710 million offshore field development project in West Africa last December and the $310 million contract from the Indian NOC last month.
“We are pleased to have clinched another major project from the same client in India this month ... Going into the tender, we exercised stringent cost analysis and took into consideration the inhouse and shared resources within the Group. We were confident that our strategy of investing in a suite of marine assets and our ability to integrate our offshore EPIC and offshore marine services, would give us competitive advantage over bidders who did not own their own assets,” Group CEO Francis Wong said in the press release.
Wong explained that Swiber’s asset-based strategy meant that it was able to optimize vessel usage and lower mobilization costs in bidding for contracts. In addition, long-term relationships with suppliers gave the Group greater flexibility and cost efficiency in procurement and logistics.
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