Swiber, Alam Maritim to Jointly Operate DLB Offshore Malaysia

Swiber Holdings Limited has reported further progress on its expansion strategy in Malaysia.

Further to the Memorandum of Understanding ("MOU") signed on August 19, 2009 with Alam Maritim Resources Berhad ("ALAM"), a main market Malaysian-listed established offshore marine transportation services provider, Swiber and ALAM, have agreed to incorporate two joint venture companies ("JV Companies"), Alam Swiber DLB 1 (L) Inc and Alam Swiber Offshore (M) Sdn Bhd, both equally owned by the two
companies. Alam Swiber DLB 1 (L) Inc has been successfully incorporated on September 14, 2009 and Alam Swiber Offshore (M) Sdn Bhd is to be incorporated. Alam Swiber DLB 1 (L) Inc has entered into a Memorandum of Agreement dated September 16, 2009 to acquire a derrick lay barge ("DLB") to undertake offshore construction and installation projects in Malaysia.

The official signing ceremony for the incorporation of the JV Companies was held in Malaysia led by Francis Wong, Executive Director and Deputy Group CEO of Swiber and Azmi Bin Ahmad, Managing Director and Group CEO of ALAM.

Said Raymond Goh, Executive Chairman and Group CEO of Swiber, "We are very pleased to be able to bring our partnership with ALAM to fruition today. Our new JV Companies will allow close synergies between ALAM's expertise in the area of marine transportation support services together with Swiber's offshore construction capabilities. We have every confidence that our new JV Companies will put us in good stead to bank on new opportunities in the Malaysian region."

Said Azmi Bin Ahmad, Managing Director and Group CEO of ALAM, "We believe that our alliance with Swiber will not only generate a stronger market presence in the Malaysian region, but the JV Companies will also pair the strengths of our two companies, and form a strong
alliance in providing our current and future customers with a consolidated source of expertise for turnkey solutions to the offshore oil and gas industry."

Said Francis Wong, Executive Director and Deputy Group CEO of Swiber, "Swiber is proud to join hands today with ALAM in these business ventures. We believe that the partnership will form a key cornerstone of our overall strategy to actively expand our offshore operations, and
moving forward, we look forward to reaping the fruits of our bond."

As at September 2009, Swiber's operating fleet size stands at a total of 41 vessels comprising 34 offshore vessels and seven 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 2011.