Swiber Secures Letter of Intent for $80M Pipeline Project in Latin America
Oil and gas services firm Swiber announced Tuesday that it has secured a letter of intent from a "global energy company" to carry out an $80 million pipeline project in Latin America.
As part of the project, Swiber will install monobuoys, pipeline-end manifolds and a submarine pipeline. Installation work is expected to commence in the third quarter of 2015 and will be completed in the first quarter of 2016, according to Swiber.
Darren Yeo, Swiber’s deputy group chief executive officer, commented in a company statement:
"Latin America has one of the largest reserves of crude oil 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.
"This project also helps maintain the business momentum Swiber has gained since the end of last year, strengthening our reputation as a long-term partner who can deliver quality work in a timely and cost-efficient manner."
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