Swiber Opens Shop in Brunei

Swiber Holdings Limited has registered a branch office in Brunei under its wholly owned subsidiary, Apecs Offshore Pte Ltd.

Riding on Southeast Asia's rapidly growing offshore shallow water oil and gas production, which is expected to grow from approximately 4.4 million barrels of oil per day ("bopd") in 2006 to 4.8 million bopd in 20101, Swiber's Brunei branch office will be a springboard for the group to tap on business opportunities in the country and the region. Other key objectives of Swiber's Brunei branch office will be to facilitate the group's operations in Brunei and, in the long run, establish and strengthen business relationship with Brunei.

Swiber recently clinched its first and single-largest offshore installation contract in Brunei, totaling US$146.6 million, with international oil giant Brunei Shell Petroleum Company Sdn Bhd. Raymond Goh, Executive Chairman and Chief Executive Officer of Swiber, and Grahaeme Henderson, Managing Director of Brunei Shell, formally signed the contract Thursday in Brunei.

As part of the contract, Swiber will provide services to Brunei Shell that will encompass installation engineering (in-house), project management as well as transportation and installation of offshore facilities including platforms, pipelines and sub-sea cables off the coast of Brunei. These installations are scheduled for 2007 to 2008 and cover three major projects, namely Pipeline Replacement, Mampak Development and Seria North Flank Development. The Pipeline Replacement project scope also includes fabrication of Rentis lines at Brunei Shell's yard at Telisai in Brunei and towing and installing them out to site.

"We are delighted to seal our relationship with Brunei Shell and the signing ceremony today cements our position as a major service provider in the offshore EPCIC sector in the Asia Pacific region," said Goh. "Going forward, we look forward to a long-term and mutually beneficial relationship with Brunei Shell."

With the rapidly growing oil and gas exploration and production activities in the Asia region, the opportunities in offshore engineering, procurement, construction, installation, and commissioning (EPCIC) market are significant, particularly in resource-rich Brunei. One of Swiber's top priorities for the near term will be on securing a significant foothold in Brunei to position the Group strongly to secure more contracts in the future.

Established in 1996, Swiber is today an integrated offshore EPCIC contractor with in-house marine support capabilities (Offshore Marine Support).

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