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Swiber Secures Notice of Award in Consortium for EPCIC Contract Worth Approximately US$188.8 Million

Swiber Swiber Holdings Limited ("Swiber" or together with its subsidiaries, the "Group"), an integrated construction and support services provider to the offshore oil and gas industry, today announced a Notice of Award from a leading oil and gas operator in South Asia worth approximately US$188.8 million awarded to Swiber and its consortium partner.

Consortium work comprises full EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) scope of work for multiple well head platforms. The work will commence immediately and is scheduled to be completed by 2Q of 2011.

Said Mr Raymond Goh, Executive Chairman and Group CEO of Swiber, "This win builds on the strong momentum of the recent slew of contracts wins of over US$315 million since November 2009. We are pleased to note that the consortium secured this contract in a highly competitive bidding process where there were several other prominent bidders. This reaffirms Swiber's leading position as a reliable and trusted service provider of choice amongst the world's major oil players."

As at December 2009, Swiber operates a modern and sophisticated fleet of 45 vessels comprising of 35 offshore vessels and 10 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. The Group expanded the diving division of its Offshore Support Services. Today, the Group has one of the largest teams of divers to provide subsea diving services in the industry.

Posted 22/01/2010

Swiber plc is an 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.

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