Swiber wins South Asia deal worth US$618m

Award follows last week's contract of US$17-US$27m


SWIBER Holdings, an integrated construction and support services provider to the offshore industry, said it has been awarded a deal worth approximately US$618 million by a major oil and gas operator in South Asia.

Mr Goh: Latest contract is the biggest Swiber has won in a consortium bid

Announcing this yesterday, the group said this represents the single largest contract it has secured in a consortium bid to date. It did not disclose who awarded the deal.

The scope of work comprises the design, engineering, procurement, fabrication, transportation, installation and commissioning of major platforms, said Swiber.

The work is expected to be completed in Q2 2012.

'As our fifth contract win for 2010, this very significant contract win gives a major boost to the strong momentum of our recent contract wins,' said Raymond Goh, executive chairman and group chief executive officer of Swiber.

'Just last week we announced a contract for the transportation and installation of heavy structures. We continue to enhance our position as a one-stop service provider for the region's leading oil and gas players,' he added.

The contract Swiber announced last week was worth between US$17 million to US$27 million, and came from an oil and gas operator in South-east Asia.

Swiber currently has a fleet of 43 support and construction vessels, comprising 34 offshore vessels and 9 construction vessels.

It reported a net profit of US$8.03 million in the first quarter of 2010, 18 per cent lower than the net profit a year ago.

Revenue slipped 2.9 per cent to US$84.51 million.

Swiber is also seeking a proposed listing of its subsea services business on Catalist.

Swiber shares closed up one cent at 99.5 cents yesterday.