Swiber Expands Existing Shipyard Facilities with Securing of Second Shipyard Lease

Swiber Holdings Limited, a world class integrated construction and support services provider to the offshore oil and gas industry, has successfully secured an additional lease at Tuas Cresent, which when combined with its existing shipyard, will form a comprehensive marine support base for its offshore construction activities.

Its wholly‐owned subsidiary, Newcruz Shipbuilding & Engineering Pte Ltd, has secured this additional lease from Jurong Town Corporation till 2021. This lease, which is next to Newcruz’s existing shipyard is slated for integration to expand its existing yard services capacity and to provide additional bandwidth for berthing facilities.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “This additional lease secured by Newcruz will provide the necessary infrastructure to meet the increased demands for in‐house auxiliary shipyard services; achieving seamless vertical integration for the Group and creating the competitive advantage for Swiber in the offshore oil and gas industry.”

Newcruz had obtained its first lease from JTC for an existing shipyard that is located at 23 Tuas Crescent. The existing shipyard holds a two‐storey main building and a single‐storey workshop as well as facilities such as a slipway, wharf and working yard. The combination of the existing shipyard, with lease also extending to 2021, with the secured second lease will create a total area of over approximately 3.6 hectares and strategic waterfront land of 220 metres; extending the repair and conversion facilities for its fleet of vessels and creating an enhanced offshore fabrication capacity for structure mass of up to 300 tons.

This is also testament to Swiber’s commitment to its own strategic plans in the offshore marine and construction business and is in line with its overall strategy to be a world class integrated construction and support services provider to the offshore oil and gas industry,” concluded Mr Wong.

Swiber, February 12, 2014

 

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