Cuel, Swiber Form JV to Operate DLB in Thailand

Cuel and Swiber have entered into a Memorandum of Understanding to own and operate the Derrick Lay Barge "Swiber Chai" and are currently active in completing formalities and due process.

The acquisition and operation of the DLB in Thailand represents a signification milestone for both companies with the new Joint Venture being established in Thailand. It is the intent that the activities of the JV will encompass all aspects of offshore installation engineering Marine transportation, Project Management and Installation of jackets, piles, topsides and pipelines.

At this moment, the companies have yet to select a name for the Joint venture and in this regard the Senior Management of Cuel and Swiber have agreed to open a competition to all employees of their respective companies.

Applications are due by Friday, October 24, 2008 and the winner will be announced by Wednesday, October 29, 2008.