Swiber Holdings Limited, a Singapore-based offshore construction services provider to the oil and gas industry, reported Tuesday that it has won three contracts, worth $215 million, in the Middle East and Southeast Asia.
The firm clinched an engineering, procurement, construction and installation (EPCI) contract from a European oil major to perform pipeline replacement work in Qatar, marking its first offshore construction project in the Middle East. Work on the engineering phase for this project has commenced, with completion scheduled for completion in the third quarter of 2017.
Swiber also recently bagged two contracts for projects in Southeast Asia. In Myanmar, the firm is part of a consortium carrying out EPCI of two wellhead platforms, associated pipelines and tie-ins for a project offshore Myanmar for a major Southeast Asian oil and gas company. Work on the Myanmar contract, already underway, is planned for completion by first quarter 2018 and the client holds the options to award an additional two wellhead platforms.
The second Southeast Asian contract involves the provision of transport and installation services for a full field development project in the waters offshore Vietnam, with work targeted for completion in third quarter 2016.
"Despite the ongoing oil market volatility and challenging conditions in the offshore oil and gas industry, Swiber continues to demonstrate our ability to successfully secure new projects. In fact, one of these new projects represents an important breakthrough for Swiber into the lucrative Middle East market," Swiber's Deputy Group CEO Darren Yeo said in the press release.
The three contracts have lifted Swiber’s order book to around $1.2 billion.
Meanwhile, Swiber plans to bid for an EPCI contract that has been retendered by a client, who awarded a $100 million deal to the firm in February 2016. The South Asian national oil company had retendered due to changes in the project work scope and schedule.
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