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Swiber wins five contracts estimated about USD 235m

03rd February 2014

Swiber Holdings Limited unveiled its five contract gains for 2014, which will take place in Latin America and Southeast Asia

Swiber Holdings granted five contracts for 2014

Swiber Holdings Limited, a construction and support services provider for the offshore oil and gas industry, unveiled its first series of contract wins in 2014.

The group has finalized five contracts, which total about USD 235m.

Three of these contracts were estimated to be about USD 145m, which were granted to the group for works that will take place in Latin America and Southeast Asia.

The final two contracts, which added up to about USD 90m, were given to Swiber’s associate company and joint venture company.

These agreements are mainly for services that will take place in Southeast Asia and which will start immediately. The work is expected to be completed in next 2 years.

Francis Wong, group CEO and president of Swiber said, “We are pleased to begin 2014 on a strong note. Swiber continually endeavors to better execute our projects, increasing our safety profile, being on time and on budget. This proven ability and capacity in integrated construction and support services in the offshore oil and gas industry, coupled with our unwavering commitment to excellence, continues to be recognized by the industry.”

In Latin America, regardless of a dip in capital spending by Petrobas, the region is expected to see a huge gain in spending.

Major oil companies such as Petroleos de Venezuela, S.A. (PDVSA) and Pemex could increase their exploration and production spending by 50 per cent and 14 per cent from the previous year.

Wong concluded, "In terms of industry prospects, the potential in Latin America and Southeast Asia is bright, and Swiber, with our long-standing and established networks in these regions, is in an ideal position to ride on this wave. As we step up our efforts in bidding for the growing E&P work at these locations, we are optimistic of a sustained smooth flow of success.”


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