Swiber and Alam Maritim formally ink joint venture agreement

JV Companies will jointly own and operate a derrick lay barge for offshore installation projects in Malaysia. Swiber Holdings Limited, a world class company in the offshore industry, is pleased to report further progress on its expansion strategy in Malaysia. Further to the Memorandum of Understanding signed on 19 August 2009 with Alam Maritim Resources Berhad, a main market Malaysian-listed established offshore marine transportation services provider, Swiber and ALAM, have agreed to incorporate two joint venture companies, Alam Swiber DLB 1 (L) Inc and Alam Swiber Offshore (M) Sdn Bhd, both equally owned by the two companies.