Singapore’s Swiber warns of delay in $710 mln West Africa oil project

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Published: July 8, 2016 8:10:20 AM

In a separate statement, the company said it had fully redeemed S$75 million ($56 million) 7 percent notes that matured on July 6, 2016.

Oil Workers L reuSwiber had received the contract in 2014 from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning services for the project. (Reuters)

Swiber Holdings Ltd, a Singapore-based oilfield services company, said on Friday that its $710 million offshore field development project in West Africa had likely fallen behind schedule due to weakness in the oil and gas sector.

“Based on recent discussions with the client, the client is proceeding with the project but expects the completion of the project to be delayed,” Swiber said in a statement. It said it has not recognised any revenue related to the project.

Swiber had received the contract in 2014 from a Houston-based oil and gas company to provide engineering, procurement, construction, installation and commissioning services for the project. At the time, Swiber had said it expected to complete the project by mid-2017.

In a separate statement, the company said it had fully redeemed S$75 million ($56 million) 7 percent notes that matured on July 6, 2016.

Trading in Swiber shares has been halted since July 4.

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