Consortium Lead by Swiber Secures Notice of Award for EPCIC Contract worth Approx. US$117.5 Million

Friday, Feb 05, 2010

- Project scope comprises full EPCIC work for platforms and pipelines

- Two contract wins in quick succession in 2010

Singapore – February 5, 2010 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class integrated construction and support services provider to the offshore oil and gas industry, today announced yet another Notice of Award from a leading oil and gas operator in South Asia worth approximately US$117.5 million awarded to Swiber and its consortium partner.

Consortium work comprises the full EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) scope of work for platforms and pipelines. The work will commence immediately and is scheduled to be completed by 2Q 2011. As consortium leader, Swiber will be managing the overall project.

Mr Raymond Goh, Executive Chairman and Group CEO of Swiber said, “This contract win comes just after our announcement of a US$188.8 million Notice of Award to Swiber and our consortium partner. We successfully secured this new contract in a closely contested bid. It has been a strong start in 2010, having secured these two contract wins in quick succession. The growing order book is an endorsement of our professional and technical capabilities to successfully execute projects for our clients.”

As at December 2009, Swiber operates a modern and sophisticated fleet of 45 vessels comprising of 36 offshore vessels and 9 construction vessels, with 80% of its fleet younger than 4 years old. The Group continues to enhance its in-house capabilities to provide clients with fully integrated services they require to operate in the offshore oil fields. Today, Swiber operates with its four main business divisions: Offshore Construction Division, Offshore Marine Division, Offshore Subsea Division, and Offshore Development Division.

Source: Swiber Holdings Limited