Swiber Starts the Week with $235 Million in New Contracts

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 Holdings, the Singapore-listed offshore industry contractor has kicked off the week with an announcement today of a series of 5 contract wins worth approximately US$235 million.

The contracts are spread between Latin America and Southeast Asia and Swiber notes they will commence immediately and will likely be completed in the next two years.

Swiber notes that analysts predict 2014 global exploration and production spending to see another record high of  US$723 billion, 6 percent over what was seen in 2013.

“In Latin America, despite a dip in capital spending by Petrobas, the region is expected to see a double-digit gain in spending,” notes Swiber. “Oil majors such as Petróleos de Venezuela, S.A. and Pemex could increase their E&P spending by 50% and 14% from the previous year, respectively.”

Furthermore, Swiber notes that a significant amount of oil and gas reserves exist in Southeast Asia.  They note that according to analysts, “Southeast Asia holds about 60.92 billion barrels of oil equivalent (boe) in commercial and technical oil and gas reserves, while total yet-to-find volume is estimated at 14.6 billion boe, of which liquids comprise 5.5 billion boe and gas 9.1 billion boe. Myanmar, Indonesia, Vietnam and Malaysia are some of the countries in Southeast Asia targeted by offshore oil and gas majors.”

Swiber currently operates a worldwide fleet of 61 vessels, comprising 46 offshore vessels and 15 construction vessels.