Swiber Delivers 2 Construction Vessels to Asian Projects

Swiber Holdings Limited announced that two offshore construction vessels have already been successfully delivered to them and are currently deployed to various offshore locations in Asia.

One of them is the 120-man capacity / 100 tonne crane dive-support work barge, Swiber Supporter, which was delivered to Swiber on January 31, 2009, and is currently operating in India. Notably, the barge has been contracted to work on offshore projects for the entire working season of 2009 in India.

The other is the 248-man capacity / 200 tonne crane pipelay barge, Swiber Concorde, which was delivered on 28 February 2009.The barge is currently preparing for its first pipelay job for an oil major in Southeast Asia.

Said Mr Raymond Goh, Executive Chairman and Chief Executive of the Group, "To us, the Swiber Concorde and Swiber Supporter are construction vessels that are very critical to our offshore operations. Their delivery not only reduces our 3rd party charter and sub-contracting costs, it also significantly eases the vessel shortage situation we were facing to support our brimming pipeline of projects. With their arrivals, Swiber can now focus its attention on completing its existing offshore construction works, and some of these projects are expected to be completed by early 2Q."

He added, "The additions of the Swiber Concorde and Swiber Supporter have expanded our fleet to a total of 34 vessels currently, comprising 27 offshore vessels and seven construction vessels. This, I believe, is a good-sized fleet that can ably handle our present order book, which includes our US$596 million projects on-hand as at 31 December 2008, as well as our new contracts secured in the first two months of 2009 amounting to US$70 million."