Swiber captures $175m offshore contract
Swiber secured a contract worth approximately $175m for offshore engineering, procurement, construction, and installation (EPCI) works in Indonesia, following a successful bid made jointly with consortium partner PT SMOE Indonesia, Seatrade Asia online reports.
The contract, awarded by an oil major, entails offshore EPCI works for platform, pipelines, and existing facilities in Indonesia. The project will commence immediately this year and is expected to be completed in 2014.
PT SMOE Indonesia is a unit of SMOE, a wholly-owned subsidiary of Sembcorp Marine.
“Barclays Asia Capital opines that oil price will be $115 per barrel for 2012, making it economical for oil companies to go in search for more unconventional oils as global oil demand is expected to rise 1.04 million barrels a day on average in 2012,” said Francis Wong, group ceo and president of Swiber.
“Southeast Asia is one region that is seeing bustling offshore activity catalysed by the recent $778m oil hub project launched in Johor and the opening of abandoned oilfields to foreign operators by Petronas,” he added.
