German automaker Daimler has announced plans to invest about €500m for the construction of a new battery factory in the Saxon city of Kamenz, Germany.

Swiber Holdings, a provider of integrated offshore construction and marine support and engineering services, has won an EPIC contract valued at approximately $100m in South Asia.

Under the contract, Swiber will provide engineering, procurement, installation and construction services for a National Oil Company (NOC) in South Asia.

The scope of the contract includes pipelines and subsea installation works. Work will start immediately and is expected to be completed in the first half of 2017.

Swiber group CEO and president Francis Wong said: "We are pleased to have clinched yet another project for our long-time and valued client.

"Despite challenging market conditions, we believe that our strategy of establishing long-term relationships with our clients and our track record of completing our projects in a timely, cost efficient manner, have paid off.”

Wong said that Swiber will continue to mitigate market pressures by maximising usage of its vessels and equipment, negotiating with suppliers to greater advantage, monitoring debt, reining in cash collection, and cutting costs.