The Board of Directors of Swiber Holdings Ltd has incorporated a new subsidiary known as “Swiber Offshore Drilling Pte. Ltd.” in Singapore (“Subsidiary”) with the initial issued share capital of USD100,000. The Company holds 90% equity in the share capital of the Subsidiary.

The principle activity of the Subsidiary is to carry out deepwater drilling business. The investment in the Subsidiary is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and its Group for the current financial year ending 31 December 2007.

As at the date hereof, none of the Directors or Substantial Shareholders of the Company has any interest in the above transactions, save for their interests arising by way of their directorships in the Company.

Tags: Swiber Holdings Ltd, Swiber Offshore Drilling Pte. Ltd