Swiber acquires North Shipyard in Singapore

Yard News - August 7, 2007

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Swiber Holdings Limited and its subsidiaries has made its first strategic acquisition since its listing on the Singapore Exchange in November 2006.

The company has announced that it has acquired North Shipyard
(Pte) Ltd for S$10.3 million.

The acquisition was paid in cash financed through the company’s internal resources.

North Shipyard is a 2.4 hectare shipyard situated in Tuas Crescent, Singapore, with an experienced management team and workforce of approximately 90 men.

The 124m water frontage shipyard comprises of a two storey main building and a single storey workshop with three-storey office annex. The facilities of the shipyard also includes a slipway, wharf and working yard.

The shipyard will primarily serve as a marine base to support the repair and maintenance work for Swiber’s growing fleet of marine support and construction vessels. At the same time, the site will also be utilized as a base for the conversion and construction of
vessels.

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