SWIBER SCORES IN GULF OF MEXICO MARKET WITH US$273 MILLION CONTRACT WIN

Transcription

1 FOR IMMEDIATE RELEASE Contact Information: Citigate Dewe Rogerson, i.mage Pte Ltd Dolores Phua / Pearl Lam SWIBER SCORES IN GULF OF MEXICO MARKET WITH US$273 MILLION CONTRACT WIN - Winning season with third consecutive contract announcement in less than three months of Strong order book visibility reflective of strong momentum in the offshore oil and gas industry Singapore March 26, 2012 ( Swiber or together with its subsidiaries, the Group ), a world class integrated construction and support services provider to the offshore industry, announced that it has secured another sizeable contract through a local collaboration with Dragados Offshore ( Dragados ), totaling approximately US$273 million for offshore construction work in the Gulf of Mexico. This latest contract win awarded by an oil major from the Gulf of Mexico, entails offshore construction works for the procurement, transportation, and installation of pipeline in the Gulf of Mexico. Work for this project will commence immediately this year and will carry on into 2013.

2 Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, Our strategic collaboration with Dragados enables both companies to provide a consolidated source of expertise and offer turnkey solutions to the offshore oil and gas industry. This puts us in a strong position to bank on the vast opportunities in the Gulf of Mexico region. With this third consecutive contract announcement in less than three months of 2012, Swiber s order backlog continues to strengthen with steady growth. This has come in quick succession to the recent US$36 million worth of vessel charter contract wins in the Gulf of Mexico and Southeast Asia. Prior to that, the Group has secured a US$216 million contract early last month, for offshore construction projects and vessel chartering services in Southeast Asia and South Asia. Mr. Wong said, This is indeed a winning season for us as we continue to secure contracts of larger values, which is a strong reflection of the confidence and trust that major oil companies have on Swiber s ability in handling complex projects. Geographical diversification will remain the cornerstone of our growth path as we further strengthen our foothold in the offshore oil and gas industry in the region. This, coupled with our vessel fleet enhancements carried out in the past few years will enable us to concurrently manage our offshore projects while securing more contract wins. We have continued to break into new frontiers new markets, new customers, new records in terms of size of contracts, revenue and order book. We have a strong order book visibility with offshore projects spread out over the next couple of years. This will clearly give us a solid footing to navigate forward in the exciting offshore oil and gas construction industry.

3 Infield Systems has forecasted upstream capex in the Gulf of Mexico to increase by as much as 38% year-on-year in 2012 as operators push forward with development plans and execute offshore projects. Offshore capex is forecasted to increase from $9 billion in 2011 to over $12.5 billion per annum by Concluded Mr. Wong, Tendering activities in the offshore oil and gas industry is gaining traction, with vast opportunities appearing in the Gulf of Mexico. As an internationally recognised, world class company, with proven track record of delivering consistent and superior quality of products and services, Swiber is ready to support the region s growing offshore exploration and field development market. With a slew of new contract wins, key strategies in place, strong order book visibility, and robust opportunities in the Southeast Asia, South Asia, Middle East and Gulf of Mexico regions, Swiber has firmly entrenched its position in the big league and is set to take on bigger ventures and capture fresh and exciting opportunities in the offshore oil and gas arena. ###

4 About Listed on November 8, 2006, Swiber is a world class integrated construction and support services provider to the offshore oil and gas industry, offering a wide range of offshore EPIC and marine support services across the Asia Pacific and the Middle East. Since its foundation in 1996, Swiber has been dedicated to building the company into a leader in the offshore oil and gas industry. Today, Swiber is a public-listed company on the Singapore Stock Exchange with an eminent position among global offshore oil and gas engineering and construction organisations. With an extensive and growing operating fleet of 53 vessels, comprising 41 offshore vessels and 12 construction vessels, and more than 2500 employees in over 40 different nationalities in strategically located offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value among its customers. In September 2008, Swiber was featured on Forbes Asia s Best under a Billion list, an honour given to the top 200 Asia-Pacific companies with consistent growth in both sales and profits over three years. Swiber continues to ascend the ranks of the nation s Top 100 Brands in the Brand Finance s Annual Report, ranking as one of the nation s top 100 Brands in the Brand Finance s Annual Report of Singapore s Intangible Assets and Brands with AA- Brand Rating consecutively for 2010 and 2011 and brand value of US$79 million as of This has reaffirmed Swiber rapid growth as an EPIC player wellpositioned to capitalise on the booming offshore industry.

5 ISSUED ON BEHALF OF : BY : Citigate Dewe Rogerson, i.mage Pte Ltd 1 Raffles Place #26-02 One Raffles Place SINGAPORE CONTACT : Ms Dolores Phua / Ms Pearl Lam DURING OFFICE HOURS : (Office) AFTER OFFICE HOURS : / (Handphone) dolores.phua@citigatedrimage.com pearl.lam@citigatedrimage.com March 26, 2012