Singapore-listed offshore services provider Swiber Holdings has clinched a USD80 million pipeline contract for a Latin American-based global energy company.
According to the company’s filing to the Singapore Exchange, Swiber will provide installation of monobuoys, pipeline-end manifolds, and a submarine pipeline for the client.
The work is expected to start in the third quarter of 2015 and scheduled for completion in the first quarter of 2016.
“This project also helps maintain the business momentum Swiber has gained since the end of last year, strengthening our reputation as a long-term partner who can deliver quality work in a timely and cost-efficient manner,” commented Swiber deputy group CEO Darren Yeo.
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Swiber is already undertaking several subsea development contracts in Latin America, including pipeline tie-ins and construction of submarine ducts. The company’s market presence in the region has evidently attributed 69% of the company’s revenue of USD165 million in the first quarter of 2015.
Swiber believes that Latin America holds huge potential for business opportunities, as the region accounts for around 20% of the world’s proven crude oil reserves of approximately 1.7 trillion barrels, just behind Middle East region, which holds 55% share of the world proven reserves.