Singapore's Swiber wins $333 mn contract for EPC project in India

Singapore’s EPC service provider Swiber has bagged a contract worth $333 million for engineering, procurement, installation and construction (EPIC) services in India for an oil & gas project, said Swiber in a press release without disclosing the name of the Indian company. The contract is part of a series of contracts, worth $405.6 million, that Swiber has won this month in the oil and gas industry.
 
The Indian project, to commence immediately, involves transportation and installation of submarine pipelines and engineering works and modification of existing facilities. Phase 1 is expected to be completed by the second quarter of 2016 and Phase II, the second quarter of 2017.This is the second contract that Singaporean firm has received from the same Indian national oil company in just over a month. In February 2015, the same Indian national oil companyhad awarded a $310 million contract to Swiber.
 
Francis Wong, group chief executive officer, Swiber Holdings, said: “We are pleased to have clinched another major project from the same client in India this month and the award is a testament to their confidence in our ability to deliver quality work in a timely manner.We were confident that our strategy of investing in a suite of marine assets and our ability to integrate our offshore EPIC and offshore marine services, would give us competitiveadvantage over bidders who did not own their own assets.”
 
Wong explained that Swiber’s asset-based strategy meant that it was able to optimise vessel usage and lower mobilisation costs. And as it was already working on eight new platforms and associated pipelines in the same part of India for the same client, it would be ableto deploy its vessels and streamline its processes more efficiently.
 
Wong said Swiber has over 10 years of experience working in the Indian market and seven years with the same client.
 
The awards boost the Group’s order book to over $1.8 billion to-date, including a $710 million offshore field development project in West Africa last December.
 
Its order book of over US$1.8 billion is a new record for the Group. The new contract in India is expected to start contributing to the Group’s earnings in the second quarter ending 30 June 2015