(EnergyAsia, March 25, Tuesday) — Singapore’s Swiber Holdings Limited, a service provider to the offshore oil and gas industry, said it has been awarded a conditional Letter of Intent (LOI) from CUEL Limited (CUEL) to instal platforms and pipelines in the Gulf of Thailand for its clients for a period of five years. Swiber said its services are estimated to be worth US$50 million per year.

Swiber’s project scope includes installation engineering, transportation and installation of jackets, piles, topsides and pipelines for the offshore facilities. Swiber will also supply the personnel, equipment and services needed for the execution of the project work.

CUEL Limited is a leading offshore EPC fabrication contractor having executed full EPC and EPCI contracts for operators in the Gulf of Thailand.

Swiber said the project work will start in the first quarter of 2009, with completion targeted for the fourth quarter. This cycle of work will be repeated through to 2013.

Raymond Goh, Swiber’s executive chairman and CEO, said: “This is a major award for Swiber, and we are honored to be selected as the contractor of choice from field contracting specialist, CUEL Limited. This project, along with our other first quarter 2008 bookings, will substantially improve Swiber’s order book and is a welcome addition to growing our business.

“The rapid pace of project wins we have announced since the beginning of 2008 serves to illustrate the market’s appetite for high quality offshore marine and EPCIC works. Oil prices and demand are hitting record highs, encouraging higher levels of capital expenditure by oil majors in the offshore exploration, development and production of oil and gas. This can only mean good things for us.”