Swiber bags $554 million worth of new contracts; order book hits record high

Sunday 06 Apr 2025

26 Mar 2015, 08:32 am

SINGAPORE (March 26): Swiber Holdings has secured US$405.6 million ($554 million) worth of new contracts, lifting its order book to a record high of more than US$1.8 billion.

One of the contracts is a US$333-million project to install submarine pipelines and carry out engineering work on existing facilities for an Indian national oil company, a repeat customer, Swiber said in a statement today.

The first phase of this project is expected to be completed by 2Q2016, while phase 2 is slated to be finished in 2Q2017.

Swiber, which provides construction and engineering services to the offshore oil and gas industry, said the contract in India is expected to contribute to its earnings in 2Q2015.

The other new contracts are for mooring, installation, pipeline and subsea work in the Asia-Pacific region.

Swiber shares ended 2% higher at 15 cents yesterday.