Swiber Holdings has secured a US$80 million Letter of Intent to install pipelines and supporting structures for a global energy company in Latin America.
Under the contract, Swiber will install monobuoys, pipeline-end manifolds and a submarine pipeline. According to the company, the project will contribute to a rapid succession of new contracts since the end of last year and boosts Swiber’s order book to approximately US$1.9 billion.
The global energy company in Latin America is a new client and the installation work is expected to commence in the third quarter of 2015 and to be completed in the first quarter of 2016.
Swiber has been active in Latin America and has won contracts for subsea development work including pipeline tie-ins and construction of submarine ducts. The region contributed to 69% of the Group’s revenue of US$165 million in the first quarter of fiscal 2015.
Swiber’s Deputy Group Chief Executive Officer, Darren Yeo , said: “Latin America has one of the largest reserves of crude oil in the world and holds exciting potential for the oil and gas industry. We look forward to commencing this project. It signifies our relentless effort to build up our capabilities in the region and to forge new business partnerships in the oil-rich parts of the world.
“This project also helps maintain the business momentum Swiber has gained since the end of last year, strengthening our reputation as a long-term partner who can deliver quality work in a timely and cost-efficient manner.”
Image: Swiber