Swiber Gains Further Momentum Offshore India

swiber offshore support vessel
A worker walks past a Swiber support vessel at one of their shipyards in Singapore July 10, 2013. Picture taken July 10, 2013. REUTERS/Edgar Su

Swiber, the Singapore-based offshore marine contractor, has reported continued success today with a series of new contracts worth USD $405.6 million.  $333 million of that will involve work offshore the west coast of India for ONGC consisting of the transportation and installation of submarine pipelines and modification of existing facilities, the remainder will involve contracts for mooring, jack-up installation and offshore pipeline and subsea work, in the Asia Pacific region.

This new contract with ONGC adds to a $310 million contract awarded to Swiber last month by the Indian oil major to install 8 offshore platforms and associated pipelines in the Damen Development.

Swiber CEO Francis Wong notes that the owning of offshore marine construction assets, vice chartering, was a significant factor in his company’s successful bid for the work as it enabled more optimized vessel usage and lower mobilization costs.