Swiber Holdings Incorporates New Subsidiary

Swiber Holdings has incorporated a new wholly-owned subsidiary in Labuan, Kreuz Engineering Limited, with an authorized share capital of US$10,000.00 and initial issued and paid up share capital of US$1.00 comprising ONE (1) ordinary share, on September 26, 2007.

The principle activity of Kreuz Engineering Limited (Labuan) is to carry out offshore marine engineering and vessel chartering.

The investment in Kreuz Engineering Limited (Labuan) is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and its Group for the current financial year ending 31 December 2007.