Swiber Achieves Record Earnings on South American, Asian Contract Wins

Singapore-listed Swiber reported Wednesday that it has achieved a record for both revenue and profit for the financial year ended Dec. 31, 2012, the highest since its listing in 2006.

Net profit surged 48.3 percent from $42.2 million year-on-year, while revenue increased 45.5 percent to $952.2 million for the same period.

Offshore construction contract wins secured in the South American and Southeast Asian regions contributed significantly to the company’s topline, Swiber said in a statement.

"We continue to be bullish about Asia, in particular Southeast Asia, a region that Swiber has a deep knowledge of, coupled with a proven track record. As of February this year, Swiber's order book stands at around $1.35 billion, with a significant portion to be carried out in Asia," Swiber's CEO and President, Francis Wong, noted in the company’s earnings statement.

"For 2013, Swiber will continue to strategically bid for work in [Southeast Asia], in addition to other regions such as South Asia, South America and the Middle East," Wong added.

In a separate statement, Swiber revealed Wednesday its first offshore contract wins for this year. The contracts – which add up to $153 million – involve the transportation and installation of pipelines and offshore structures in Southeast Asia. 

Swiber made mention of the B-193 Field Development project, its first floatover operation successfully executed and completed with India’s state-backed Oil and Natural Gas Corporation.

"Capabilities wise, the completion of works on the B-193 Field Development project marks the first time that any company has used floatover methods for offshore field development in India. With its success, we are primed to further capabilities on the upswings in the offshore oil and gas industry in India and beyond," Wong said.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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Swiber Performs First Floatover Operation in India

Swiber Holdings disclosed late Wednesday the successful completion of its first floatover operation with the B-193 Field Development project in India for the country's national oil company, Oil and Natural Gas Corporation. 

The extensive scope of work for this project involved floatover installation of a 13,000 metric tonnes process platform and an 8,000 metric tonnes living quarter platform, as well as installation of bridges and flares. Fabrication of the topsides, jackets and other structures was undertaken by a consortium partner at their yard in Malaysia.

With topside weights increasingly exceeding floating crane lifting capacities, floatover installation has emerged as a reliable and cost-effective alternative. Swiber utilized its derrick pipelay barge, Swiber PJW3000, along with two of its floatover barges, Holmen Atlantic and Holmen Pacific, supported by several other support vessels for this project, located at offshore Mumbai in India.

"The successful execution and completion of B-193, which marks the first time that any company has used floatover methods for offshore field development in India, is a testament to Swiber's excellent engineering capabilities and asset strength. It is noteworthy that for a project of this size and complexity, we have been able to use most of our in-house assets fully. We remain committed to delivering quality services that epitomises world-class excellence, safety, innovation and value for our global customers," Swiber's Executive Chairman Raymond Goh, said in a statement. 

"ONGC joins Swiber in celebrating the success of the first-of-its-kind floatover installation in offshore Indian waters for the B-193 Field Development Project. This is a noteworthy milestone for offshore exploration and development, as it is the first time that floatover installation methods have been used in India," ONGC's Chairman and Managing Director Shri Sudhir Vasudeva, noted in a statement. 

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