Swiber Announces Incorporation Of A New Subsidiary Company In Dubai

The Board of Directors of Swiber Holdings Limited (the “Company”) and together with its subsidiaries (the

“Group”) wishes to announce that Swiber Offshore Construction Pte. Ltd. (“SOC”), a wholly-owned

subsidiary of the Company, has incorporated a new wholly-owned subsidiary in Dubai, known as “Swiber

Offshore Middle East (FZE)” (“SOME”) with the initial issued and paid up share capital of AED150,000.

The principle activity of SOME is to provide marine offshore services.

The above transaction 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 2010.

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, SOC and

SOME.

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