Swiber Strengthens Presence in Latin America
$80 Million Epic Contract Win
- Signals strength and confidence in Swiber’s growth in Latin America market
- Brings total contract wins year-to-date to US$315 million, as of June 2, 2014
Swiber Holdings Limited (“Swiber” or together with its subsidiaries, “the Group”), a leading global integrated construction and support services provider to the offshore oil and gas industry, has clinched an Engineering, Procurement, Installation and Construction (“EPIC”) contract in Latin America for subsea development work including pipeline tie-in work, with an aggregate value of US$80 million. The project will commence immediately and is expected to complete in 2015.
Earlier in February 2014, the Group also won contracts valued at approximately US$235 million. In aggregate, Swiber’s contract wins year-to-date rises to US$315 million.
Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “We are pleased with this project win as it is testament to Swiber’s ability to successfully develop and grow in regions where we are expanding into as part of our strategic long term goals. Just last year, we had successfully completed the construction of a 77 kilometers-long submarine duct for Pemex, the Mexican state-owned oil company.
We believe that with the heightening of our marketing and business development efforts in Latin America, Swiber is steadily establishing foothold in the growing energy sector in Mexico where rising awareness of Swiber’s wide range of integrated offshore construction services, enhanced with in-house marine support and engineering capabilities has created a strong brand presence.”
There are abounding opportunities in Latin America, where a recent push to dismantle abandoned oil and gas infrastructure in the Gulf of Mexico has created a US$2.5 billion market for companies.
“Swiber is confident of its technical abilities, asset-strength, local country offices and works closely with contacts who have strong local expertise in their regions. With these competitive strengths, Swiber will continue to strategically bid strongly for projects in Latin America while staying actively focused and committed in our core Asia region,” noted Mr. Francis Wong.
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