Swiber Holdings Ltd., a Singapore-headquarterd offshore construction and support services provider, reported Friday that work on its engineering procurement construction installation and commissioning (EPCIC) contract for a $710 million offshore field project in West Africa being developed by a Houston-based oil and gas company has been delayed as a result of the industry downtrend that began in the second half of 2014.
The project has not been able to progress in line with its original schedule, with completion targeted for mid-2017.
"Based on recent discussions with the client, the client is proceeding with the Project but expects the completion of the Project to be delayed. The Group has not recognized any revenue related to the Project," Swiber said in a press release.
Apart from EPCIC, the company undertook full pre-front end engineering design (FEED) and FEED studies of offshore processing facility and associated subsea infrastructure developments for the project.
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