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Swiber lands first contract win in Middle East

Swiber lands first contract win in Middle East
Swiber has clinched its first offshore engineering, procurement, construction and installation (EPCI) project in the Middle East, as well as two new contracts in Southeast Asia.

The three new contracts for projects are valued at a total of $215m.

Swiber was awarded an EPCI contract from a European oil major to perform pipeline replacement work in Qatar, marking the group’s first offshore construction project in the Middle East. The job has commenced its engineering phase and is scheduled for completion in the third quarter of 2017.

“Despite the ongoing oil market volatility and challenging conditions in the offshore oil and gas industry, Swiber continues to demonstrate our ability to successfully secure new projects. In fact, one of these new projects represents an important breakthrough for Swiber into the lucrative Middle East market,” said Darren Yeo, deputy group ceo of Swiber.

Swiber also landed jobs for a further two projects in Myanmar and Vietnam.

“While Southeast Asia has seen a slowdown in offshore oil and gas activities over the past couple of years, it remains an important market for Swiber as our projects in this region contributed $117.1m or 14.1% of the group’s revenue in 2015. Our project wins in Myanmar and Vietnam will solidify the group’s established market presence in the region,” Yeo said.

The latest contract wins have lifted Swiber’s orderbook to around $1.2bn.

Meanwhile, a $100m EPCI contracted awarded to Swiber in February 2016 has been re-tendered by the customer due to changes in the project work scope and schedule. Swiber said it will soon be submitting its bid for this project.

The group is presently bidding for projects with a combined value of $3.4bn.