Swiber signs MoU with UAE investment group

Swiber Holdings Ltd. has signed a memorandum of understanding (MoU) with UAE-based Emirates Investments Group Llc.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has signed a memorandum of understanding (MoU) with UAE-based Emirates Investments Group Llc. The companies will combine resources for joint explore investment opportunities to expand engineering, procurement, construction, installation, and commission (EPCIC) activities in the Gulf and the Middle East, including Pakistan.

The MoU encourages both parties to establish a 50:50 joint venture company (JV) to combine the market understanding and business contacts from EIG with Swiber's technical capability, marine vessels, and technical personnel, Swiber says.

The proposed JV will be incorporated in the Emirate of Sharjah.

"This alliance with EIG is an important step in our strategy to increase our market presence in this region. We are confident that by combining the market knowledge, resources and personnel, the joint venture company is well-positioned to capture a slice of the rapidly growing EPCIC market and build a strong business in the Middle East," says Raymond Goh, Swiber CEO.

6/12/2007

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