The long term fundamentals of the oil and gas industry remain intact. With the stabilisation of oil prices at current levels, offshore exploration and production work will continue to be driven by the need to maintain current oil production levels to meet future energy demands, even as offshore oil fields age and pipelines reach the end of their operational lifetimes.
In terms of geographies, there are about 148 different areas that could have as much as 288 billion barrels in recoverable oil. These areas include Africa, South America and the Middle East. Other areas that have possibilities are offshore east Africa and central Africa.
This bodes well for Swiber, as Swiber has established its presence in Mexico and Argentina within South America; Middle East; India in South Asia; and Brunei, China, Indonesia, Malaysia, Myanmar, Singapore and Vietnam in Asia. In line with Swiber's strategy to expand our geographical footprint for continued growth, Swiber has also identified Latin America, West Africa and Europe as target markets.