Swiber Books First Myanmar Offshore Installation Project
Swiber continues to boost its order book with its latest contract win, which marks its first foray into Myanmar. The Group today announced that it has successfully inked a Letter of Award ("LOA") with a Myanmar oil and gas company, worth US $77.0 million, which further boosts Swiber's current order book.
Under the LOA, Swiber will provide offshore installation works for 150 kilometers gas pipelines. The 6-month project is expected to commence in the first quarter of 2010 with the date of completion targeted for the second quarter of 2010. Preparation work will begin in December 2009.
Executive Chairman and Group CEO of Swiber, Raymond Goh said, "We are honored and excited to kick start the offshore installation job in Myanmar and we are deeply heartened with the increasing rate at which our EPCIC projects are growing. Our work speaks volumes of Swiber's reputation and commitment in delivering value to our clients in the offshore oil and gas industry, with our expertise, quality, and professionalism.
"In the next 12 to 18 months, we expect the demand for EPCIC work to be high and we are expecting more contracts to be awarded in the market. We will continue to balance our fundamentals with our growth strategies," Goh added.
As at September 2009, Swiber's operating fleet size stands at a total of 44 vessels comprising 34 offshore vessels and 10 construction vessels. Going forward, the Group will continue to focus on enhancing the strength and quality of its fleet that will see Swiber own and operate 52 vessels by 2011. The Group's fleet expansion strategy puts Swiber in a good position in the recovery of the oil and gas market.
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