Swiber Wins $100 Mln Contract for NOC

Swiber Holdings Limited, provider of integrated offshore construction and marine support and engineering services to the oil and gas industry, informs it has secured a contract worth about $100 million to provide engineering, procurement, installation and construction services for a National Oil Company (NOC) in South Asia.

This latest project, which includes pipelines and subsea installation works, commences immediately and is expected to be completed in the first half of 2017.

Swiber’s Group Chief Executive Officer and President Francis Wong said, "We are pleased to have clinched yet another project for our long-time and valued client. Despite challenging market conditions, we believe that our strategy of establishing long-term relationships with our clients and our track record of completing our projects in a timely, cost efficient manner, have paid off."

Wong said Swiber will continue to mitigate market pressures by maximizing usage of its vessels and equipment, negotiating with suppliers to greater advantage, monitoring debt, reining in cash collection and cutting costs. Swiber owns a fleet of 13 construction vessels supported by its in-house offshore support vessels.