Swiber Incorporates New Subsidiary

Swiber Holdings has incorporated a new subsidiary known as PT Swiber Offshore in Indonesia with an authorised share capital of US$200,000 and initial issued and paid up share capital of US$200,000 comprising 200,000 shares of US$1.00 each. The Company holds 99.5% equity in the share capital of the Subsidiary comprising 199,000 shares of USD1.00 each for a total consideration of US$199,000.

The activity of the Subsidiary is to provide offshore EPCIC services in Indonesia.