Swiber to Construct S$7.8M SPM Buoy for NuCoastal

Swiber Holdings Limited, a niche service provider to the offshore oil and gas industry, has clinched a contract with NuCoastal (Thailand) Limited for the engineering, procurement, supply, and construction of a Single Point Mooring (SPM) calm buoy. The contract is valued at S$7,752,576. The buoy will be constructed at the yard of Swiber's wholly-owned subsidiary, Kreuz Shipbuilding & Engineering Pte Ltd. The buoy is targeted for delivery in Q4 quarter of 2008. Upon completion, the buoy will be used by NuCoastal at its Songkhla field in Thailand as a permanent mooring system for a 30,000 dead weight tonne (DWT) Floating Storage and Offloading (FSO) vessel. NuCoastal, which is a wholly owned subsidiary of Coastal Energy Company, is an existing customer of Swiber. In November 2007, NuCoastal awarded Swiber a US$25 million project to drill a series of offshore wells in Thailand.

Said Mr Raymond Goh, Swiber's Executive Chairman and Chief Executive Officer, "NuCoastal has been a valued partner and customer of Swiber and we are pleased to seal our relationship with them with yet another project. I believe that this is a testament of Swiber's skills and expertise in the offshore oil and gas domain. "

Thailand has been a steadily growing market for Swiber. In addition to the US$25 million drilling project secured in November last year, Swiber also recently inked an agreement with CUEL Limited for the installation engineering, transportation and installation of Jackets, Piles, Topsides and Pipelines for offshore facilities for CUEL's various clients in the Gulf of Thailand for a period of five years. The value of the services covered under this contract is estimated to be in the region of US$50 million per year.

CUEL Limited is one of the region's foremost offshore EPC fabrication contractors having executed full EPC and EPCIC contracts primarily for operations within Gulf of Thailand.

"Thailand is developing at a healthy pace for Swiber. Given our fast expanding track record in the country, Swiber's growth horizon is looking rosy," said Mr Goh.