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Marine Log

April 30 2008

Swiber sets its sights on Thailand

Singapore's Swiber Holdings Limited is becoming increasingly active in Thailand.

It has just signed a Memorandum of Understanding with CUEL Limited of Thailand that will allow both companies to jointly pursue offshore EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) projects in the Asia Pacific region.

Swiber is an offshore oil and gas industry specialist provider offering a wide and integrated range of offshore EPCIC, marine support and offshore drilling services across the Asia Pacific region and the Middle East. CUEL is a leading offshore EPC fabrication contractor that has executed full EPC and EPCIC contracts primarily for operations within the Gulf of Thailand.

Swiber recently inked an agreement with CUEL for the installation engineering, transportation and installation of jackets, piles, topsides and pipelines for offshore facilities for CUEL's various clients in the Gulf of Thailand for a period of five years. The value of the services covered under this contract is estimated to be in the region of US$50 million per year.

The MOU will strategically combine the competitive advantages of Swiber and CUEL to offer existing and future customers a consolidated source of expertise to provide turnkey solutions to the regional offshore oil and gas industry.

Earlier this week, Swiber announced that it had clinched a contract with NuCoastal (Thailand) Limited for the engineering, procurement, supply, and construction of a Single Point Mooring (SPM) calm buoy. The contract is valued at Singapore $7.75 million (about US $5.7 million). The buoy will be constructed at the yard of Swiber's wholly-owned subsidiary, Kreuz Shipbuilding & Engineering Pte Ltd.

The buoy is targeted for delivery in the fourth quarter of 2008. On completion, it will be used by NuCoastal at its Songkhla field in Thailand as a permanent mooring system for a 30,000 dwt FSO vessel. NuCoastal, which is a wholly owned subsidiary of Coastal Energy Company, is an existing customer of Swiber. In November 2007, NuCoastal awarded Swiber a US$25 million project to drill a series of offshore wells in Thailand.

"Thailand is developing at a healthy pace for Swiber. Given our fast expanding track record in the country, Swiber's growth horizon is looking rosy," says Raymond Goh, Swiber's Executive Chairman and Chief Executive Officer.

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