Swiber acquires four vessels

Swiber Holdings Ltd. subsidiary Swiber Engineering Ltd. has acquired four vessels for $70.6 million.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. subsidiary Swiber Engineering Ltd. has acquired four vessels for $70.6 million. Two of the vessels will come from Pacific Crest Pte. Ltd. and two from Pacific Ocean Engineering & Trading Pte. Ltd. The vessel acquisition value excludes certain owner furnished equipment.

Swiber plans to take delivery of the submersible barge in 4Q 2007. The three accommodation barges will be delivered in 2Q and 4Q 2008 and 1Q 2009.

"Increasing our fleet of marine support and construction vessels is a significant component of our growth strategy," says Raymond Goh, chairman and CEO. "The offshore energy and marine sectors are thriving, and we intend to accelerate the rollout of our vessels to tap the growing demand for our services."

8/30/2007

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