Swiber forms JV with Brunei group

Swiber Holdings Ltd. has signed a memorandum of understanding with Rahaman Sendirian Berhad of Brunei to undertake projects in the sultanate.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has signed a memorandum of understanding with Rahaman Sendirian Berhad of Brunei to undertake projects in the sultanate.

Swiber will lead the joint venture with 51% stake, contributing technology and expertise in oil and gas projects, especially the offshore work. The company has secured a $146.6-million contract with Brunei Shell Petroleum Co. Sdn. Bhd.

Rahaman of Brunei, an oil and gas and commodity trading company, will hold the remaining 49% stake.

9/17/2007

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