Swiber, PVC set up joint stock company

Swiber Offshore Construction has signed a Memorandum of Understanding with Petrovietnam Construction Joint Stock Corp. (PVC) to set up a joint stock company (JSC) in Vietnam.

Offshore staff

SINGAPORE -- Swiber Offshore Construction has signed a Memorandum of Understanding with Petrovietnam Construction Joint Stock Corp. (PVC) to set up a joint stock company (JSC) in Vietnam.

The JSC will own and operate a pipelay/derrick barge (DLB) for offshore installation construction activities primarily in Vietnam, using the underlying assets, related service, and associated equipment of the two companies. Prior to the completion of the DLB, the JSC will charter Swiber vessels on an exclusive basis to tackle Vietnam projects.

Under the terms of the MOU, the JSC will be the exclusive entity to perform offshore construction services in Vietnam. The DLB can also be chartered for projects outside Vietnam by either party. Swiber will hire, train, and develop PVC's personnel to handle offshore construction works for the duration of the agreement.

10/22/2008

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