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    Swiber secures maiden Myanmar offshore contract

    Projects and Operations // November 27, 2009

    Swiber Holdings Limited has secured a contract which is its first in Myanmar. The Group has announced that it has successfully inked a Letter of Award (LOA) with a Myanmar-based oil and gas company worth US$77.0 million, which further boosts Swiber’s current orderbook.

    Under the LOA, Swiber will provide offshore installation works for 150km of gas pipelines. The six month project is expected to commence in the first quarter of 2010 with the date of completion targeted for the second quarter of 2010. Preparation work will begin in December 2009.

    Said Executive Chairman and Group CEO of Swiber, Mr Raymond Goh, “We are honoured and excited to kick start the offshore installation job in Myanmar and we are deeply heartened with the increasing rate at which our EPCIC projects are growing."

    "In the next 12-18 months, we expect the demand for EPCIC work to be high and we are expecting more contracts to be awarded in the market. We will continue to balance our fundamentals with our growth strategies,” Mr Goh added.

    As at September 2009, Swiber’s operating fleet size stands at a total of 44 vessels comprising 34 offshore vessels and 10 construction vessels. Going forward, the Group will continue to focus on enhancing the strength and quality of its fleet that will see Swiber own and operate 52 vessels by 2011.

     

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