A major oil and gas operator in South Asia has awarded a deal worth about US$618 million to Swiber Holdings, an integrated construction and support services provider to the offshore industry.
According to the group, this represents the single largest contract it has so far secured in a consortium bid. However, it refused to reveal who awarded the deal.
The scope of work includes the design, procurement, engineering, transportation, fabrication, commissioning and installation of major platforms, said Swiber.
The work is expected to be completed in the second quarter of 2012.
Mr. Raymond Goh, group chief executive officer and executive chairman of Swiber, said: “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.”
“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.
Currently, Swiber has a fleet of 43 support and construction vessels, comprising nine construction vessels and 34 offshore vessels.
It posted a net profit of US$8.03 million during Q1 2010, down 18 percent from last year’s.
Revenue plummeted 2.9 percent to US$84.51 million.
Swiber shares ended one cent up at 99.5 cents yesterday.