Swiber disputes Vietnam project termination

Offshore construction services provider, Swiber Holdings, is disputing a termination of a contract worth $21 million, offshore Vietnam.

To remind, Swiber informed it won the contract for the provision of transport and installation services for a full field development project in the waters off Vietnam in June 2016. However, Swiber did not reveal the name of the client nor the name of the project.

At the time of the announcement in June, Swiber said the company had already started working on the job with completion set for the third quarter of this year.

In response to Singapore Exchange’s (SGX) query about the status of the project, Swiber said on Monday that the company received the termination letter dated July 18, 2016, from the client in respect of the project but the group was disputing such termination.

As a response to another question by SGX asking where is the company’s vessel Kaizen 4000 supposed to be deployed, as it is still sitting in a Chinese yard even though it is due to start work on a project in August, Swiber said the Kaizen 4000 was to be deployed for the project in the waters off Vietnam.

Swiber added that no announcement was made earlier because the $21 million value of the project is considered to be ‘immaterial’ by the company based on calculations against its annualized revenue, net tangible assets and assets figures for the first financial quarter ended March 31, 2016.

Offshore Energy Today Staff

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