Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore oil and gas industry, reported a Letter of Award (LOA) from a major oil company in South East Asia to provide underwater IRM services of major offshore facilities.

The LOA, worth approximately US$75.0 million is awarded on day-rate basis and is expected to commence in Q2 2010. It will be for a 5-year period with an annual renewal option of 2 years and is Swiber's fifth win in the past month. This will bring the total contract wins for the past one month to over US$315.0 million. The contract value of US$75.0 million relates only to the first 5 year period and does not include the 2 year annual renewal option.

The Group recently secured its maiden Myanmar offshore installation project worth US$77.0 million on November 25, 2009. On December 14, 2009, Swiber announced two LOAs worth up to US$81.9 million from major oil companies in South East Asia to provide offshore support vessels. In quick succession, on December 15, 2009, it secured another LOA worth US$81.4 million to provide transportation and installation of major offshore facilities comprising of some new field developments and some decommissioning of platforms. And on December 24, 2009, it announced the extension of its contract with Brunei Shell Petroleum Sdn Bhd to provide transportation and installation of offshore structures and pipelines. The contract is to run till 2014.

Said Mr Raymond Goh, Executive Chairman and Group CEO of Swiber, 'This latest win is an endorsement of our strong expertise and capability in providing fully integrated service offerings to major oil players. We expanded our diving division through our subsidiary, Kreuz Subsea, and we now have one of the largest team of divers to provide subsea diving services.

Tags: Swiber Holdings Ltd