Swiber Holdings Limited, and together with its subsidiaries has secured yet another project for its offshore Engineering, Procurement, Construction, Installation and Commission (“EPCIC” business.

The Group’s wholly-owned subsidiary, Swiber Marine (M) Sdn Bhd, has signed a Letter of Intent (“LOI”) worth approximately US$12.0 million for an offshore installation project in Malaysia. The project is expected to commence and be completed in September 2007.

Swiber’s stature as an offshore EPCIC and marine support services specialist in the offshore oil and gas industry has swelled in line with its orderbooks. This latest project follows a slew of multi-million EPCIC projects secured by Swiber this year including:

• US$31.0 million offshore installation project in Malaysia secured in June 2007; • US$21.3 million offshore installation project in Indonesia secured in May 2007; and • US$146.4 million offshore installation project in Brunei secured in February 2007.

Commented Mr Raymond Goh, Swiber’s Executive Chairman and Chief Executive Officer, “The value of the projects we have secured in 2007 has exceeded US$200 million. While we are very pleased with our phenomenal growth, the focus for us now is to obtain the necessary financial resources to invest in a spread of marine support and construction vessels to support our business growth in the future. Tapping the capital market is one of the routes we have undertaken to raise the funds for expansion.”