Swiber to partner prominent Indonesian businessman Eddy Sariaatmadja

Wednesday, Jul 21, 2010

Eddy Sariaatmadja to take 51% stake in Swiber’s Indonesian subsidiary Singapore – June 21, 2010 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class integrated construction and support services provider to the offshore industry, today announced a joint venture in Indonesia with prominent local businessman, Mr. Eddy Sariaatmadja.

Mr. Sariaatmadja, through his investment vehicle, PT Alam Hijau Sentosa, will take a 51% stake in Swiber’s Indonesian subsidiary PT Swiber Offshore (Indonesia). The partnership would help Swiber to broaden its network in the local oil and gas industry and enable the Group to bid for more offshore installation and construction projects in the country.

Mr. Sariaatmadja is the Founder and Chairman of listed television, telecommunications and technology company, PT Elang Mahkota Teknologi Tbk. He is also the President Commissioner of PT PP London Sumatra Indonesia Tbk, a listed palm oil and rubber plantation company with around 100,000 hectares of planted area.

“We are excited to be working with Pak Eddy, who is a veteran in the Indonesia business scene. We believe that the combination of our vast technical expertise and Pak Eddy’s deep local knowledge would bring about significant synergies to propel our Indonesian operations to a new level,” said Mr. Raymond Goh, Executive Chairman and Group CEO of Swiber.

Indonesia is a market with significant opportunities for Swiber. As demand for oil field development work rises, more offshore construction and support jobs are expected to be awarded.

“We see vast opportunities in Indonesia with the country’s relatively strong economic outlook and a favourable political climate,” said Mr. Sariaatmadja. “Partnering with Swiber, with its world class service offerings, gives us the avenue to tap into services for the rich oil and gas resources of the country. This is especially crucial in the current environment of global economic recovery and stable energy prices, as Indonesia needs to develop this industry to fuel its own growth.”

About Swiber Holdings Limited

Listed on November 8, 2006, Swiber is a world class integrated construction and support services provider to the offshore oil and gas industry, offering a wide range of offshore EPIC 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 and growing operating fleet of 44 vessels, comprising 35 offshore vessels and 9 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. Swiber continues to ascend the ranks of the nation’s “Top 100 Brands” in the Brand Finance’s Annual Report of

“Singapore’s Intangible Assets and Brands 2010”, receiving an AA- Brand Rating. This has reaffirmed Swiber rapid growth as an EPIC player well-positioned to capitalise on the booming offshore industry.

Source: Swiber