Singapore-based offshore energy construction contractor Swiber Holdings Ltd reported today their second largest contract ever from India’s Oil and Natural Gas Corporation Ltd. (ONGC).
The $310 million contract involves the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of 8 new platforms and associated pipelines.
Although not specifically mentioned, it is very likely this contract is for the Damen Development Project in the Arabian Sea.
In a conference call at the end of December, ONGC commented on the Damen Development noting it will, “drive our gas production up significantly by about 10 to 11 million cubic meters per day in the coming two-three years.”
The development includes seven well head platforms, one riser platform with associated pipelines and the drilling of 28 wells, according to ONGC. The development is scheduled to come on line pre-monsoon 2019.
With this new contract, Swiber’s order book has risen to a record high of approximately US$1.6 billion.
Swiber President and CEO Francis Wong sees more opportunity for his company going forward noting, “As an established provider of EPCIC services for shallow water oil and gas field development, we believe that Swiber occupies a space in the offshore service value chain that will be less susceptible to spending cuts by the oil & gas companies. We continue to see opportunities in our field of expertise and are working on new project tenders in our target markets.”