Swiber strengthens foothold in Vietnam; Seals LOI with value worth up to US$7.3m if all options are exercised

SINGAPORE – 6 October 2008 – Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class service provider in the offshore industry, today announced that it has successfully sealed a charter contract, worth approximately US$7.3 million, for one of its 5,000 BHP AHTS (the Swiber Ada) in Vietnam. The contract commences in mid October 2008 for a duration of six months and includes options for two additional six-month extensions.

As part of the contract, Swiber’s subsidiary Kreuz Offshore Marine Pte Ltd (“KreuzOffshore”), will charter Swiber Ada to Petroleum Technical Services CorporationMarine Co., Ltd (“PTSC”) to support mooring, berthing, and lifting operations of FPSOsat PTSC’s Truong Son Joc’s operations in Vietnam. PTSC is a member of the PetroVietnam group of companies.

This latest charter contract comes swiftly on the heels of Swiber’s successful entry toVietnam in July this year as it secured its maiden offshore construction project with state-linked Vietsovpetro (“VSP”). Says Mr Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “The opportunities in Vietnam’s offshore industry are extraordinary and Swiberis off to a great start, first with our offshore construction project with VSP in July and now with this offshore marine charter with PTSC. And we are determined to further strengthen our presence in the country with the help of our partners.”

In September 2007, Swiber had formed non-exclusive cooperation agreements with two Vietnamese state-linked oil and gas companies, Vietnam-listed Petrovietnam Construction Joint Stock Company (“PVC”) and VSP. The goal was to jointly explore opportunities for exchanging information, cooperation, and technical assistance inorder to foster mutual development and strengthening of the parties’ position in the oil and gas industry in Vietnam and overseas.