Rawabi Holding Media Center: Press Release - Swiber and Rawabi Launch 500MT Derrick Pipe-lay Barge Aziz

Singapore - November 30, 2010 - Swiber Holdings Limited ("Swiber" or together with its subsidiaries, the "Group"), a world class integrated construction and support services provider to the offshore oil and gas industry, announced the official launch of Aziz – 500MT Derrick Pipelay Barge ("DPB"), held yesterday at the Newcruz Shipbuilding and Engineering Shipyard, in 23 Tuas Crescent.

To celebrate the launch, Guest of Honor, His Excellency Dr. Jamil Mahmoud Merdad, Ambassador of the Royal Embassy of Saudi Arabia, Mr. Leong Teng Chau, Divisional Director for Environment & Engineering Services of IE Singapore, Mr. Raymond Goh, Executive Chairman of Swiber, Sh. Abdulaziz Ali Alturki, Group Chairman of Rawabi Holding Company ("Rawabi"), Mr. Francis Wong, Group President and CEO of Swiber, Mr. Osman Ali Ibrahim, Group President and CEO of Rawabi, key executives from Swiber and Rawabi, as well as an array of invited guests, witnessed the launching ceremony of Aziz.

The event was also honored by the presence of its lady sponsors, Mrs. Ging Goh and Mrs. Faizah AlDakheel, wives of both chairmen Goh and AlTurki.

On this occasion, Sh. Abdulaziz Ali AlTurki, Group Chairman of Rawabi Holding said, "We are proud to have partnered with Swiber in this business venture. Today we have reached a significant milestone in terms of owning our first vessel. However, we believe that this is only the beginning. We see tremendous opportunities in the offshore oil and gas industry in Saudi Arabia, and we are excited to be riding this growth trend."

Mr. Raymond Goh, Executive Chairman of Swiber, said "Today, we mark a major milestone in our partnership. The launch of Aziz marks the first vessel delivery for our joint venture and a major step forward in our capacity to serve our customers in Saudi Arabia."

"This vessel signifies both our commitment to as well as our optimism in Saudi Arabia. This is still the world's largest oil producing country, and with structural demand for oil and gas from developing economies continuing to grow, we foresee tremendous opportunities for the offshore support service sector, and we intend to be in the forefront in terms of customer mindshare." Added Mr. Goh.

Proud of this achievement, his Excellency Dr. Jamil Mahmoud Merdad, Ambassador of Saudi Arabia in Singapore said, "We are delighted with the JV between Swiber and Rawabi and I trust that this partnership will extend to both the East and West Coast, from the Gulf to the Red Sea area. Saudi Arabia is a land of opportunities and we thank Swiber for its commitment to be in this country."

Two years ago, Swiber Offshore Construction, a subsidiary of Swiber and Rawabi signed a 50:50 joint venture agreement and established Rawabi Swiber Offshore Services Company Limited, a joint venture company, based in the city of Al-Khobar in Saudi Arabia. The joint venture company focuses on providing services in the field of offshore construction and bid for engineering, procurement, construction, and installation ("EPIC") projects in Saudi Arabia.

About Aziz

The Aziz is a 500 ton Derrick Pipelay Barge jointly owned by the two partners, Swiber and Rawabi. With an overall length of 112 meters, it is well equipped with a pipelay capability of up to 60" diameter, and an accommodation capacity of 300 men. This heavy lift Derrick Pipe-lay Barge is the latest addition to Swiber's fleet of construction vessels. Its inclusion will greatly compliment and support Swiber's order book of offshore oil and gas projects, currently being executed in South Asia, Southeast Asia and the Middle East regions. Soon after its launching ceremony, Aziz will sail off to perform EPIC projects.