Swiber's EPCIC Work in West Africa Delayed by Industry Slowdown

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Mudlogger - NE Region
Expertise: Mud Logging
Location: Pennsylvania, PA
 
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
Pump Operator San Antonio
Expertise: Coil Tubing
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours