Swiber Holdings Ltd : Press Release : Swiber Secures An Award Worth Approximately US$175 Million
06/03/2012| 08:21pm US/Eastern
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Singapore - June 4, 2012- Swiber Holdings
Limited("Swiber" or together with its
subsidiaries, the "Group"), a world
class integrated construction and support services provider
to the offshore industry, through its Indonesian joint
venture company, PT Rajawali Swiber Cakrawala, has been
awarded a contract amounting to approximately US$175 million
by an oil major for offshore engineering, procurement,
construction and installation ("EPCI") works in
Indonesia, following a successful bid made jointly with
consortium partner, PT SMOE Indonesia.
This latest contract win entails offshore EPCI works
for platforms, pipelines, and existing facilities in
Indonesia. The execution of this project will commence
immediately this year and is expected to be completed in
2014.
Commented Mr. Francis Wong, Group Chief Executive
Officer and President of Swiber, "The Group has shown
our mettle in executing complex offshore projects in a wide
variety of terrains and is now firmly established in the
offshore sector's big league. In addition to Swiber's
strong fleet of vessels and top-in-class taskforce,
Swiber's value proposition is enhanced by our synergistic
partnerships with cutting-edge offshore service providers
such as PT SMOE Indonesia. We share this milestone win with
PT SMOE Indonesia and are excited to embark on this EPCI
Project in Indonesia together. "
PT SMOE Indonesia is a unit of SMOE, a wholly-owned
subsidiary of Sembcorp Marine, a major marine and offshore
engineering group. PT SMOE Indonesia owns and manages a 67.5
ha purpose built yard which started operations in 2003 in
Batam. With its large gravelled surface and half a kilometre
of reinforced deepwater quayside, the yard has tapped into an
increasing number of local offshore projects and undertaken
heavy-weight EPIC projects.
Mr. Wong said, "Our ability to swiftly capture
sizeable opportunities arises from our sharpened acumen that
is weaned from our years of dedicated operations and numerous
successful project executions. As we actively expand and
diversify our order backlog geographically, Swiber has taken
a quantum leap to be at the cutting-edge alongside other
quality local and international service providers in the
offshore industry. The odds are in our favour as our joint
bids put us in an advantageous position to capture contract
wins in this bustling offshore oil and gas sector.
Barclays Asia Capital opines that oil price will be
US$115 per barrel for 2012, making it economical for oil
companies to go in search for more unconventional oils as
global oil demand is expected to rise 1.04 million barrels a
day on average in 2012. Southeast Asia is one region that is
seeing bustling offshore activity catalysed by the recent
US$778 million oil hub project launched in Johor and the
opening of abandoned oilfields to foreign operators by
Petronas. Religare also noted recent healthy order flows of
US$12 billion wins for listed Asian offshore yards.
Concluded Mr. Wong, "Offshore oil and gas players
are increasingly interested in E&P opportunities in the
Southeast Asian region and are eager to partner with
established and reputable offshore service providers in their
endeavours. Swiber, as an internationally recognised world
class company based in Singapore and familiar with regional
terrains, is an ideal candidate that is likewise ready to
support the region's growing energy demands."
With this slew of new contract wins, key strategies in
place, strong order book visibility, and robust opportunities
in the Southeast Asia, South Asia, Middle East and Gulf of
Mexico regions, Swiber is firmly entrenched in the big
league.
###
About Swiber Holdings Limited
Listed on November 8, 2006, Swiber is a world class
integrated construction and support services provider to the
offshore oil and gas industry, offering a wide range of
offshore EPCI and marine support services across the Asia
Pacific and the Middle East. Since its foundation in 1996,
Swiber has been dedicated to building the company into a
leader in the offshore oil and gas industry. Today, Swiber is
a public-listed company on the Singapore Stock Exchange with
an eminent position among global offshore oil and gas
engineering and construction organisations. With an extensive
and growing operating fleet of 55 vessels, comprising 41
offshore vessels and 14 construction vessels, and more than
2500 employees in over 40 different nationalities in
strategically located offices in the region, the Swiber name
is synonymous with excellence, safety, innovation and value
among its customers. In September 2008, Swiber was featured
on Forbes Asia's "Best under a Billion" list,
an honour given to the top 200 Asia-Pacific companies with
consistent growth in both sales and profits over three years.
Swiber continues to ascend the ranks of the nation's
"Top 100 Brands" in the Brand Finance's Annual
Report, ranking as one of the nation's top 100 Brands in
the Brand Finance's Annual Report of
"Singapore's Intangible Assets and Brands" with
AA- Brand Rating consecutively for 2010 and 2011 and brand
value of US$79 million as of 2011. This has reaffirmed Swiber
rapid growth as an EPCI player well-positioned to capitalise
on the booming offshore industry.
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