Swiber Teams Up with Alam Maritim for Opportunities Offshore Malaysia

Swiber is teaming up with Alam Maritim Resources Berhad ("AMRB"), a main market Malaysian-listed established offshore marine transportation services provider, to tap offshore construction opportunities in the offshore market in Malaysia.

Swiber and AMRB signed a Memorandum of Understanding ("MOU") on the August 19, 2009 which will pave the way for both parties to combine resources and align their capabilities to promote the most efficient solutions and associated benefits and form a long term partnership. Under the MOU, Swiber and AMRB will jointly own and operate a pipelay barge as well as exclusively provide offshore installation and construction activities in the territorial waters of Malaysia using the barge.

The official ceremony for the JV signing was held in Malaysia with Swiber's senior management team led by Raymond Goh, Executive Chairman and Group CEO of Swiber, and Francis Wong, Executive Director and Deputy Group CEO of Swiber, as well as Azmi Bin Ahmad, Group CEO of AMRB.

Said Raymond Goh, Executive Chairman and Group CEO of Swiber, "Malaysia holds an abundance of offshore construction opportunities for Swiber and is one of the key markets we have earmarked for growth in Southeast Asia. As such, we are delighted to partner with AMRB
who is a leading player in this market. Their expertise in the area of marine transportation support services will synergise closely with Swiber’s offshore construction capabilities. I believe we will be able to reap benefits from our long-term relationship and boost our competitive edge by delivering more value to our customers through our partnership."

Said Azmi Bin Ahmad, Group CEO of AMRB, "Our solid track record in the marine transportation support services, as well as offshore facilities construction and installation segment has fortified our reputation as an integrated service provider in the Malaysian market. Now, by joining hands with Swiber, we will be able to combine our capabilities and in turn provide more timely and competitive turnkey services to the market."

Said Francis Wong, Deputy Group CEO of Swiber, "Malaysia has been a key market for Swiber since 2002, when we won our first major offshore contract worth US $6.1 million, and it will remain an important growth driver in our long term strategy. That is why Swiber continues
to be fully committed to investing our resources in Malaysia."

As a demonstration of their mutual commitment to the partnership, Swiber and AMRB will manage and oversee the venture together, and will jointly bid for, secure and execute offshore construction projects.

Malaysia has been a market teeming with opportunities for Swiber. To date Swiber has scored a number of key achievements in Malaysia. These comprise three projects awarded in 2008, including a landmark offshore installation contract in Malaysia, worth US $31 million, with an
international oil company; a US $3.4 million contract for the design, engineering and fabrication of a Single Point Mooring ("SPM") buoy for a Malaysia-based oil company, one of Swiber's recurring customers; as well as a US $29 million project from a Malaysian company for the
offshore installation and engineering of pipelines for an oil company.

Concluded Goh, "We are optimistic about the growth potential in Malaysia, and with AMRB in partnership, we believe that our JV is well-positioned to capture the offshore opportunities in the region."

As at June 30, 2009, Swiber's operating fleet size stands at a total of 41 vessels comprising 32 offshore vessels and nine construction vessels. Going forward, the Group will continue to focus on enhancing the strength and quality of its fleet that will see Swiber own and operate 51 vessels by the end of 2010.