Swiber Seals $7.3MM Deal for Services Offshore Vietnam

Swiber Holdings Ltd.

Swiber Holdings Limited has successfully sealed a charter contract, worth approximately US $7.3 million, for one of its 5,000 BHP AHTS (the Swiber Ada) in Vietnam. The contract commences in mid-October 2008 for a duration of six months and includes options for two additional six-month extensions.

As part of the contract, Swiber's subsidiary Kreuz Offshore Marine Pte Ltd., will charter Swiber Ada to Petroleum Technical Services Corporation Marine Co., Ltd ("PTSC") to support mooring, berthing, and lifting operations of FPSOs at PTSC's Truong Son Joc’s operations in Vietnam. PTSC is a member of the PetroVietnam group of companies.

This latest charter contract comes swiftly on the heels of Swiber’s successful entry to Vietnam in July this year as it secured its maiden offshore construction project with state-linked Vietsovpetro ("VSP").

Said Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, "The opportunities in Vietnam's offshore industry are extraordinary and Swiber is off to a great start, first with our offshore construction project with VSP in July and now with this offshore marine charter with PTSC. And we are determined to further strengthen our presence in the country with the help of our partners."

In September 2007, Swiber had formed non-exclusive cooperation agreements with two Vietnamese state-linked oil and gas companies, Vietnam-listed Petrovietnam Construction Joint Stock Company ("PVC") and VSP. The goal was to jointly explore opportunities for exchanging information, cooperation, and technical assistance in order to foster mutual development and strengthening of the parties' position in the oil and gas industry in Vietnam and overseas.