Swiber bags Indian EPIC

April 15, 2015

Singapore-based Swiber Holdings secured an engineering, procurement, installation and construction (EPIC) contract worth US$133 million from same Indian oil company, which awarded two major contracts in February and March.

Previous agreements involved surveys, design, engineering, procurement, fabrication, installation and commissioning of six pipelines totaling to 60km, scheduled for completion by 2Q 2016.

“To have the same client come back to us repeatedly demonstrates Swiber’s understanding of our client and the market, and our ability to bring the Group’s resources to bear to meet our client’s needs,” said group chief executive officer and president, Francis Wong.

The company is optimistic about prospects, Wong said, despite the fall in oil price and including the cutbacks in capital expenditure by some of the oil majors. “We believe that our strategy of establishing long-term relationships with clients and suppliers has put us in good stead for a time like this,” he noted.

As it is already working on eight new platforms and associated pipelines in the same part of India for the same client, it will be able to deploy its vessels and streamline its processes more efficiently.

The firm’s order book is at $2 billion year to-date, which is a new record for the group. The new contracts in India will start contributing to the group’s earnings from the second half of this year. 

In February, Swiber reporteda net profit of $31.2 million for the financial year 2014. Net profit for FY2014, however, decreased substantially from $90.9 million the year before. Around 66% of the group’s revenue was derived from Southeast Asia, 27% from Latin America with the remaining 6% from South Asia and other markets. 

Image: Swiber Kaizen 4000 vessel. From Swiber.

Read more:

Swiber wins in India again



Current News

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Small Scale FSRU: Think Smarter Not Bigger

Small Scale FSRU: Think Smarter Not Bigger

TechnipFMC Wins EPC Contract from PetroVietnam

TechnipFMC Wins EPC Contract from PetroVietnam

BP to Shut West Chirag Platform for Maintenance

BP to Shut West Chirag Platform for Maintenance

Exxon Appoints Bank to Sell Malaysia Assets

Exxon Appoints Bank to Sell Malaysia Assets

Oxy Books Supertanker for a Record $13.25 Mln

Oxy Books Supertanker for a Record $13.25 Mln

Sinopec Resumes Production at Sichuan Gas Processing Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week