Market Slowdown Impacts Swiber’s West Africa EPCIC
Francis Wong, Swiber CEOSwiber has informed that due to weakness in the oil and gas sector the West Africa project has not been able to progress in accordance with its original schedule.
The company secured the contract in 2014 from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning (EPCIC) services for an offshore field in West Africa.
The US$710 million project award includes the provision of full EPCIC services of an offshore processing facility, as well as associated subsea infrastructure developments.
Based on the recent discussion with the client, Swiber informed the project is still a go with completion delays expected.
Swiber said that the company has not recognized any revenue related to the project.
