REVENUE OF US$393.4 MILLION

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further strengthen in-house capabilities and operational efficienciesExpansion of vessel fleet and diving division as part of ongoing strategy to

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“EPCIC” work to remain positive in the next termDemand for Engineering Procurement Construction Installation and Commissioning

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Singapore – March 1, 2010

subsidiaries, the “Group”)

to the offshore oil and gas industry, today reported that it has achieved a net profit of US$39.0

million in FY2009, despite last year being a challenging year for the offshore oil and gas industry.

 

Singapore – March 1, 2010

subsidiaries, the “Group”)

to the offshore oil and gas industry, today reported that it has achieved a net profit of US$39.0

million in FY2009, despite last year being a challenging year for the offshore oil and gas industry.

Both gross and net profit margin remained relatively stable at 14.3% and 9.9%, respectively in

FY2009 as compared to 15.0% and 9.2%, respectively in FY2008. The Group reported a marginal

1.3% decline in net profit in FY2009 to US$39.0 million from US$39.5 million in FY2008,

notwithstanding an 8.2% decline in revenue to US$393.4 million for the same period, mainly

resulted from executing less EPCIC projects as compared to FY2008.

In achieving FY2009 profit, the Group recorded US$4.5 million of mark to market financial

derivative loss; a non cash item and US$2.4 million of one-time issuance costs write off of the

US$100 million Convertible Bond issuance. Excluding these items, the Group would have

achieved a 16.2% increase in net profit to US$45.9 million and net profit margin of 11.7% in

FY2009.

Other operating income increased significantly by 63.6% or US$13.7 million to US$35.2 million

in FY2009 from US$21.5 million in FY2008 mainly from a US$33.1 million gain from the disposal

of vessels under the Group’s sale and leaseback strategy, as more vessels under this asset-light

arrangement were delivered during the year.

On a quarterly basis, Swiber reported a marginal gross profit of US$0.2 million in FY2009, from

a loss of US$12.3 million in FY2008 due to a delay in vessel delivery in the fourth quarter of

FY2008. Correspondingly, losses after tax for 4QFY2009 improved by 24.8% or US$2.8 million to

US$8.5 million from a net loss of US$11.3 million in 4QFY2008.

Said Mr. Raymond Goh, Executive Chairman and Group CEO of Swiber, “We have held up well

despite 2009 being a challenging year for the offshore oil and gas industry. During the

1HFY2009, the Group secured small contract wins totaling approximately US$163 million. In line

with the stabilisation of oil prices and renewed confidence from oil companies during the

2HFY2009, we secured offshore contracts totaling over US$315 million in Q4FY2009, thereby

Growth Strategies & Outlook

With stabilisation of oil prices in the recent quarters, Swiber believes that the offshore oil and gas

activities in the Asia Pacific and the Middle East will remain positive in the near term.

“This renewed confidence from oil companies is expected to spur exploration activities and we

have positioned ourselves well to capture these opportunities. New additions made to our fleet

will be sufficient to meet the needs of the current order book and beyond. The outstanding capital

expenditure for new vessels is fully backed by funding from sale and leaseback arrangements and

secured bank loans,” added Mr. Goh.

14 vessels were delivered in the course of FY2009 comprising 9 offshore vessels and 5 construction

vessels. Going forward, the Group will continue to focus on enhancing the strength and quality of

its fleet that will see Swiber own and operate 50 vessels by FY2011.

Commenting on the momentum in 2010, Mr. Goh added: “Swiber will remain focused on

strengthening its geographical presence and providing a fully integrated service to offshore oil

and gas operators. We are facing the next 12 months with optimism with expansion largely in

place, strong presence in our key markets, strategic alliances with premier companies and the

awards of consortium works for EPCIC by oil and gas operators in South Asia. At the same time,

we will remain vigilant as we move forward.”– Swiber Holdings Limited (“Swiber” or together with its, a world class integrated construction and support services provider– Swiber Holdings Limited (“Swiber” or together with its, a world class integrated construction and support services provider