Swiber Holdings secured a USD 133M contract, the third major award in India in the last three months, for engineering, procurement, installation and construction (EPIC) services in India.
The project by the same national oil company that awarded Swiber two major contracts in February and March involves surveys (pre-engineering, pre-construction/pre-installation and post-installation) design, engineering, procurement, fabrication, installation, and commissioning of six pipelines totaling to 60km, connecting it to existing pipelines, modification and repair of platforms and jackets. This fast track project is scheduled for completion by second quarter of 2016.
Group CEO and President Francis Wong said: “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. We are optimistic about prospects in our target markets despite the fall in oil price and 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.”
Swiber has some 10 years of experience working in the Indian market and seven years with the same client. The new contracts in India will start contributing to the Group’s earnings from the second half of this year.