Singapore?s Swiber establishes Indonesian unit

Singapore-based offshore services provider Swiber Holdings has incorporated a new subsidiary namely PT Swiber Offshore provide offshore EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) services in Indonesia.

Swiber holds 99.5 percent equity in the share capital of the subsidiary comprising 199,000 shares of US$1.00 each for a total consideration of $199,000, according to the company?s statement to Singapore Exchange on Friday.

Established in 1996, Swiber is a niche service provider to the offshore oil and gas industry, with a complementary business in the supply of marine support vessels.

In May, Swiber secured a Letter of Agreement worth US$21.3 million for the installation of platforms and pipelines at the West Madura and Poleng fields. (Robert)