Swiber and Alam Maritim ink JV

Company News - September 21, 2009

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Swiber Holdings Limited has reported further progress on its expansion strategy in Malaysia.

Further to the Memorandum of Understanding signed on 19 August 2009 with Alam Maritim Resources Berhad, the Malaysian-listed offshore marine services provider, Swiber and ALAM have agreed to incorporate two joint venture companies, Alam Swiber DLB 1 (L) Inc and Alam Swiber Offshore (M) Sdn Bhd, both equally owned by the two companies.

Alam Swiber DLB 1 (L) Inc was successfully incorporated on 14 September 2009 and Alam Swiber Offshore (M) Sdn Bhd is to be incorporated shortly.

Alam Swiber DLB 1 (L) Inc entered into a Memorandum of Agreement dated 16 September 2009 to acquire a derrick lay barge (DLB) to undertake offshore construction and installation projects in Malaysia.

Said Mr Raymond Goh, Executive Chairman and Group CEO of Swiber: “We are very pleased to be able to bring our partnership with ALAM to fruition today. Our new JV companies will allow close synergies between ALAM’s expertise in the area of marine transportation support services together with Swiber’s offshore construction capabilities. We have every confidence that our new JV Companies will put us in good stead to bank on new opportunities in the Malaysian region.”

Azmi Bin Ahmad, Managing Director and Group CEO of ALAM, said: "We believe that our alliance with Swiber will not only generate a stronger market presence in the Malaysian region, Swiber Holdings Limited."

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