Swiber Holdings order book soars past $1 billion mark

Singapore’s Swiber Holdings Limited has secured recent contract wins amounting to approximately US$69.0 million including extension options, taking its order book to over US$1 billion, the highest by far in its corporate history.

The contracts, awarded by leading offshore construction companies and oil majors, involve a
whole spectrum of work from pipeline transportation and installation, subsea installation and chartering of marine vessel. Work for these projects is slated to commence immediately. The pipeline and subsea projects are targeted to be completed within this year and the marine vessel will be chartered for the duration of three years with an option to extend for two more years, consistent with Swiber’s strategy of securing long term contracts.

The most recent contract wins came in swift succession following its single largest contract win this year worth approximately US$155.0 million for an EPIC pipeline project in South Asia. Swiber has secured to date, new contract wins amounting to US$656.0 million in 2011 from oil and gas majors for work in Asia and the Middle East.

Here’s how the orders rolled in

• March 10  International major oil company in Southeast Asia  Transportation, installation, and subsea works  $34.0 million 
• March 10  Leading oil and gas operator in South Asia  Engineering, procurement, laying of subsea pipelines and platform modifications  $125.0 million   
• March 22  Leading oil majors and other oil and gas contractors  Charter contracts for AHTS, flat top barges, construction barge, and other services in Southeast Asia  $27.0 million 
• May 23  Oil majors  Execution of offshore construction projects, chartering of offshore construction and support vessels, and execution of subsea and related projects in Southeast Asia  $109.0 million 
• August 12 Three oil majors from Southeast Asia  Pipeline installation works $82.0 million
• August 15  Oil major from South Asia  Platform installation works  $30.0 million
• August 22  Oil major from Middle East  Subsea installation works  $25.0 million
• September 22  Oil major from South Asia  EPIC pipeline project  $155.0 million 
• September 29  Various leading offshore construction companies and oil majors  Pipeline transportation and installation, subsea installation and chartering of marine vessels (including extension options) $69.0 million

September 29, 2011