South Asia: Swiber Holdings Bags a Contract Worth US$148 million

Swiber Holdings Limited,a world class integrated construction and support services provider to the offshore industry, today announced a Notice of Award from a leading oil and gas operator in South Asia worth approximately US$148.0 million.

The scope of work comprises engineering, procurement, transportation and installation of several pipelines in South Asia including platform modifications. The offshore work will commence in Q4 2010 and is expected to be completed by Q2 2011.

Said Mr. Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “This is our third contract win for 2010, adding to the consortium awards of US$306 million worth of contracts that we have secured earlier this year.

“This contract win further builds on our solid track record in the region. South Asia continues to be a key market for the Group. With firming oil prices, investments in production activities are expected to increase. We are well-positioned to capture more business opportunities as we continue to leverage on our strategic alliances with premier companies and oil and gas operators in the region.”

Equipped with a team of highly experienced project management teams and engineers and an extensive fleet of modern construction and support vessels, Swiber is able to perform a full suite of offshore construction services, delivering integrated and innovative solutions to a wide and diverse range of offshore projects.

Mr. Goh added, “The long term macro-economic fundamentals of the industry look positive.

Demand for EPIC work, in particular for the shallow water segment will be positive in the near to medium term. With the gradually improving world economic outlook, this will lead to increasing demand for oil and increased production spending by oil majors. This latest contract win enhances our leading position as a reliable and trusted service provider of choice amongst the world’s major oil players.”

Swiber is a world class integrated construction and support services provider to the offshore oil and gas industry, offering a wide range of offshore EPCIC and marine support services across the Asia Pacific and the Middle East. Since its foundation in 1996, Swiber has been dedicated to building the company into a leader in the Offshore Oil and Gas industry.

Today, Swiber is a public-listed company on the Singapore Stock Exchange with an eminent position among global Offshore Oil and Gas engineering and construction organizations. With an extensive andgrowing operating fleet of 45 vessels, comprising 35 offshore vessels and 10 construction vessels, and over 1000 employees with 29 different nationalities in strategically located offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value, among its customers. In September 2008, Swiber was featured on Forbes Asia’s “Best under a Billion” list, an honour given to the top 200 Asia-Pacific companies with consistent growth in both sales and profits over three years. This has reaffirmed Swiber rapid growth as an EPCIC player well-positioned to capitalise on the booming offshore industry.

Swiber, May 3, 2010;

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