The company's wholly owned subsidiary, Swiber Offshore Construction Pte Ltd, has successfully inked a Letter of Intent ("LOI") with a Malaysian group, worth approximately US$31.0 million, to provide offshore installation works for the Puteri Wellhead platform in Malaysia.
Under the LOI, Swiber will mobilize its newly delivered barges, namely the Da Li Hao crane barge and the Swiber Conquest pipelay barge, for the offshore installation of the platform's topside, jacket and pipeline.
The project is expected to commence in August 2007 with the date of completion targeted for October 2007.
Mr. Raymond Goh, Swiber's Executive Chairman and Chief Executive Officer, was elated with the Group's latest achievement. He said, "With this latest project win, Swiber has Swiber: US$31m offshore installation project boosted the total order book with an additional USD31.0 million. While we are pleased with the rapid progress we have achieved in our offshore EPCIC business so far, we will not rest on our laurels, but will continue to strive hard to propel Swiber to the next level of growth. We have in place a number of expansion strategies that include expanding our fleet of vessels; investing in vessels with new technologies and designs; and developing new markets in the rest of the Asia Pacific and the Middle East."
Swiber's latest offshore installation project in Malaysia follows close on the heels of two other significant offshore EPCIC contracts won by the Group, namely a US$21.3 million project in Indonesia; and a US$146.4 million project in Brunei with Brunei Shell Petroleum Company Sdn Bhd.
"Through the years, Swiber has carved a strong reputation in the offshore oil and gas industry as an experienced and reliable offshore EPCIC contractor with impressive engineering expertise. We believe that our track record, coupled with our passion for business excellence and success, will enable Swiber to maintain our position at the forefront of the industry," said Mr. Goh.
Established in 1996, Swiber is an integrated offshore Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contractor with in-house marine support capabilities (Offshore Marine Support). It serves a geographically diversified base of customers, having handled offshore EPCIC projects for and provided offshore marine support services to customers based in Singapore, Malaysia, Brunei, Indonesia, Thailand, India, China, Australia, the United Kingdom and the United States. With our three subsidiaries strategically located in Singapore, Malaysia and Indonesia, Swiber is well-positioned to tap into the further growth of the offshore oil and gas exploration, development and production activities in the Asia Pacific and Middle East regions.
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