Swiber Holdings Limited has reported further progress on its expansion strategy in Malaysia.
Further to the Memorandum of Understanding ("MOU") signed on August 19, 2009 with Alam Maritim Resources Berhad ("ALAM"), a main market Malaysian-listed established offshore marine transportation services provider, Swiber and ALAM, have agreed to incorporate two joint venture companies ("JV Companies"), Alam Swiber DLB 1 (L) Inc and Alam Swiber Offshore (M) Sdn Bhd, both equally owned by the two
The official signing ceremony for the incorporation of the JV Companies was held in Malaysia led by Francis Wong, Executive Director and Deputy Group CEO of Swiber and Azmi Bin Ahmad, Managing Director and Group CEO of ALAM.
Said Raymond Goh, Executive Chairman and Group CEO of Swiber, "We are very pleased to be able to bring our partnership with ALAM to fruition today. Our new JV Companies will allow close synergies between ALAM's expertise in the area of marine transportation support services together with Swiber's offshore construction capabilities. We have every confidence that our new JV Companies will put us in good stead to bank on new opportunities in the Malaysian region."
Said Azmi Bin Ahmad, Managing Director and Group CEO of ALAM, "We believe that our alliance with Swiber will not only generate a stronger market presence in the Malaysian region, but the JV Companies will also pair the strengths of our two companies, and form a strong
Said Francis Wong, Executive Director and Deputy Group CEO of Swiber, "Swiber is proud to join hands today with ALAM in these business ventures. We believe that the partnership will form a key cornerstone of our overall strategy to actively expand our offshore operations, and
As at September 2009, Swiber's operating fleet size stands at a total of 41 vessels comprising 34 offshore vessels and seven construction vessels. Going forward, the Group will continue to focus on enhancing the strength and quality of its fleet that will see Swiber own and operate 51 vessels by 2011.
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