Swiber Clinches $133M EPIC Contract from an Indian NOC
Swiber Holdings Limited, a Singapore-based offshore services provider, announced Wednesday that it has secured a $133 million contract, the third major award in India in the last three months, for Engineering, Procurement, Installation and Construction (EPIC) services in India.
The project by the same national oil company which awarded Swiber two major contracts in February and March, involves surveys (pre-engineering, pre-construction/pre-installation and post-installation) design, engineering, procurement, fabrication, installation, and commissioning of six pipelines totaling to 37 miles (60 kilometers), connecting it to existing pipelines, modification and repair of platforms and jackets. This fast track project is scheduled for completion by second quarter of 2016.
With the latest contract, the Group’s order book stands at close to $2 billion including $435.6 million new contracts announced last month, a $710 million offshore field development project in West Africa last December and a $310 million contract from the same client in February.
Group CEO and President Francis Wong said: “To have the same client come back to us repeatedly demonstrates Swiber’s understanding of our client and the market, and our ability to bring the Group’s resources to meet our client’s needs.
We are optimistic about prospects in our target markets despite the fall in oil price and the cutbacks in capital expenditure by some of the oil majors. We believe that our strategy of establishing long-term relationships with clients and suppliers has put us in good stead for a time like this.”
Swiber is a leading global provider of integrated offshore construction and support services to the oil and gas industry. It owns a young and modern fleet of 13 construction vessels supported by its in-house offshore support vessels. As it is already working on eight new platforms and associated pipelines in the same part of India for the same client, it will be able to deploy its vessels and streamline its processes more efficiently.
Swiber has some 10 years of experience working in the Indian market and seven years with the same client. Its order book of close to $2 billion year to-date is a new record for the Group. The new contracts in India will start contributing to the Group’s earnings from the second half of this year.
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