Swiber's Subsidiary Nabs New Subsea Company in Singapore

The Board of Directors of Swiber Holdings Ltd announced that Kreuz International Pte. Ltd. (KI), a wholly-owned subsidiary of the Company, has incorporated a new subsidiary known as Kreuz Subsea Pte. Ltd. (Subsidiary) in Singapore with the initial issued share capital of USD100,000.00. KI holds 70% equity interest in the share capital of the Subsidiary. The principle activity of the Subsidiary is to engage in subsea services.

The investment in the Subsidiary 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 December 31, 2008.