Swiber Lands Offshore Installation Project in Indonesia

Swiber's subsidiary, Swiber Engineering Limited, has been awarded a contract worth US $21.3 million for the installation of platforms and pipelines at the West Madura and Poleng Fields offshore Indonesia.

Under the terms of the LOA, the date of completion of the pipelines is on October 31, 2007, while the date of completion of the platforms is targeted for November 30, 2007.

Mr. Raymond Goh, Swiber's Executive Chairman and Chief Executive Officer, said, "Winning the new project is a great testimony to the hard work and dedication of Swiber's team. It was only in 2002 that we began our focus on the development of our offshore EPCIC business. With each project wins, we are cementing position in this niche sector."

Swiber's latest offshore installation project in Indonesia follows close on the heels of a separate offshore installation contract signed with international oil giant Brunei Shell Petroleum Company Sdn Bhd recently.

The latter with Brunei Shell saw Swiber being awarded a major US $146.6 million contract, the Group's first project in Brunei, and its single largest offshore installation contract to date. Swiber expects to realize approximately US $70.5 million in 2007, and the remaining US $76.1 million in 2008.

"Our commitment to customer service and quick turnaround time is continuing to pay dividends both for us and for those that choose to work with us. We are proud of our team here at Swiber and all the work they undertake to ensure we maintain our position at the forefront of the market.