Swiber to form JV with Vietnamese companies

Swiber Holdings Ltd. has entered into broad cooperation agreements with two Vietnamese companies, PetroVietnam Construction Joint Stock Co. and the VietSovPetro Joint Venture (VSP).

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has entered into broad cooperation agreements with two Vietnamese companies, PetroVietnam Construction Joint Stock Co. and the VietSovPetro Joint Venture (VSP).

The non-exclusive cooperation agreement paves the way for Swiber, PVC, and VSP to jointly explore opportunities for exchanging information, cooperation, and technical assistance to foster mutual development and strengthen the parties' position in the oil and gas industry in Vietnam and overseas, Swiber says.

"This strategic collaboration is part of Swiber's efforts to extend our reach to new markets," says Raymond Goh, Swiber chairman. "The agreement has established the start of our strategic partnership with these two Vietnamese state-owned companies, and we believe this will set the stage for more future dealings to come. With the experience and track record of PVC and VSP, we are confident that they can help establish Swiber's presence in Vietnam."

The three-year cooperation agreement will extend the reach of Swiber to Vietnam for the first time, Goh says.

9/26/2007

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