Swiber Holdings is to spend up to $500m on a newbuilding deepwater offshore construction vessel.
The Singapore-listed company is finding a yard for DP3 heavylift pipelay vessel, should be delivered by 2015.
Sources said eight yards from Singapore, China and the Middle East have been shortlisted for the newbuilding project.
Meanwhile, Swiber has recently booked an order for a dive support vessel at Yiu Lian Dockyard, a wholly owned subsidiary of China Merchants Holdings (International).