Swiber breaks into subsea services market - Clinches maiden US$7million project in India

SINGAPORE – 13 October 2008 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class service provider in the offshore industry, is moving deeper into the lucrative subsea services market. The Group today announced that Kreuz Subsea Pte. Ltd. (“Kreuz Subsea”), a company in which it holds 70% interest has clinched its first Letter of Intent (“LOI”) to provide subseaservices for an offshore project in India with an approximate project value of US$7million.

As part of the project scope of work, the Swiber Group will utilise its recently acquired state-of-the-art Saturation Diving System (“SAT System”) to provide subsea diving support services, including dive personnel, equipment and subsea procedures, for aduration of three months to the customer. The project is expected to commence approximately end of October, when the SAT system reaches the offshore location in India. The subsea services market is an area that Swiber has identified as a key growth driver for the Group, one which is in perfect complement to its core OffshoreConstruction Services (OCS) and Offshore Support Services (OSS).

In a move to further develop and spearhead its subsea business, Swiber incorporated Kreuz Subsea in July 2008. While Kreuz Subsea has already rendered subsea services to its sister companies within the Swiber Group, this US$7 million project represents a breakthrough for the subsea unit being its maiden project for a 3rd party since itsincorporation.

Said Mr Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “The extension of our capabilities to provide subsea services strongly enhances the marketability of Swiber to offshore customers. With it, we are transformed into a fully integrated offshore player in every sense of the word - from EPCIC to marine support services to subsea services. We believe that our all-round service capabilities in the offshore sector will strongly position Swiber to capitalise on any and all opportunities in the industry.”