Contracts, Tenders and Rates - May 11, 2007
Swiber Holdings Limited has announced that its wholly-owned subsidiary, Swiber Engineering Limited, has successfully entered into a Letter of Agreement worth US$21.3 million for the installation of platforms and pipelines at the West Madura and Poleng Fields in Indonesia.
Under the terms of the LOA, the date of completion of the pipelines is on 31 October 2007, while the date of completion of the platforms is targeted for 30 November 2007.
Mr Raymond Goh, Swiber’s Executive Chairman and Chief Executive Officer, said: "Winning the new project is a great testimony to the hard work and dedication of Swiber’s
team. It was only in 2002 that we began our focus on the development of our offshore EPIC business. With each project wins, we are cementing position in this niche sector.”
Swiber’s latest offshore installation project in Indonesia follows close on the heels of a separate offshore installation contract signed with international oil giant Brunei Shell Petroleum Company Sdn Bhd recently.
The latter with Brunei Shell saw Swiber being awarded a major US$146.6 million contract – the Group’s first project in Brunei, and its single largest offshore installation contract to date.
Swiber expects to realise approximately US$70.5 million in 2007, and the remaining US$76.1 million in 2008.
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