Swiber-Sime JV Commences Arbitration in India Over ONGC's B-193 Project

Swiber Holdings Limited disclosed Thursday that a consortium between its wholly-owned unit Swiber Offshore Construction Pte Ltd. and Malaysia's Sime Darby Engineering Sdn Bhd (SDE) has commenced arbitration proceedings June 1 in India against an Asian multinational oil and gas company over a process platform contract that was awarded to the partners in May 2010.

Swiber said the legal proceedings have commenced through the filing of a Notice of Arbitration and the conduct of the arbitration proceedings will be led by SDE.

Earlier on Wednesday, Sime Darby Bhd revealed that its indirect wholly-owned subsidiary SDE and Swiber Offshore have disputes and differences regarding the $618.38 million contract for the the provision of a process platform for the B-193 Project in India for state-owned Oil and Natural Gas Corp. Ltd. (ONGC) that was awarded May 19, 2010 and executed between the two parties July 3, 2010.



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