Cuel Awards Offshore Installation Contract to Swiber

Swiber Holdings Limited  announced that CUEL Limited  has formally awarded Swiber a contract to provide offshore installation services in the Gulf of Thailand. The project was secured by the Group’s Offshore Construction Services arm, Swiber Offshore Construction Pte Ltd.

This latest project is part of a major long-term agreement that was previously announced by Swiber in March 2008. That project encompassed Swiber providing offshore installation services in the Gulf of Thailand for various clients of CUEL at an estimated annual value of approximately US $50 million per year for a period of up to five years beginning 2009.

Swiber’s scope of activities for the long-term agreement include for the installation engineering, and installation of jackets, piles, topsides and pipelines for offshore facilities in Thailand; as well as the supply all personnel, equipment and services necessary for the execution of the project work.

Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, said, “We are honored and excited to kick start the offshore installation job. This is a landmark job for Swiber as it is the first in a series of offshore projects in the Gulf of Thailand that we are looking forward to executing in the next five years. CUEL Limited has been a valued partner of Swiber, and I believe that this relationship will generate strategic and economic benefits for both Swiber and CUEL.”

Added Nitish Gupta, CEO of Swiber’s OCS unit, “Over the last six years, Swiber Offshore Construction has worked diligently to establish a strong brand name in the offshore industry. Our experienced people, unblemished track record and eye for quality and innovation have set us apart from other offshore players. This latest project is yet another feather in the cap for us, and our team will continue to strive hard to take Swiber’s OCS unit to the next level of growth.

The project will commence in September 2008 with completion targeted for August 2009 for the
2009 campaign.