Swiber Wins $435 Million in Offshore Construction Contracts

Swiber, a Singapore-based offshore construction firm announced today it has signed contracts worth approximately USD $435 million, plus $105 million in additional contracts under a Swiber Group joint venture company.

Mr. Francis Wong, Group CEO and President of Swiber commented, “The offshore segment remains exciting and this round of sizeable contract wins bears witness to the industry’s recognition of Swiber’s leading edge solutions. Swiber offshore a range of offshore integrated solutions across the Asia Pacific, Latin America and the Middle East. Geographical diversification will indeed continue to be the cornerstone of our growth patch in the offshore oil and gas industry.”

Swiber did not however, go into detail regarding the specifics of their contracts.

According to a May 2013 IHS Upstream Spending Report, global upstream spending is set to reach a record US$1.23 trillion this year. In the Asia Pacific, around US$238 billion is expected to be spent this year while by 2016, US$323 billion is forecast to be spent.

Swiber notes that significant investments are also expected in Latin America, in particular Ayatsil, Lakach, and Noxal fields offshore Mexico. “Spending in the Middle East could go from just more than $10 billion to more than $33 billion in 2013.”

Swiber’s fleet consists of 46 offshore vessels and 15 construction vessels.