Acquisition Of The Issued Share Capital Of North Shipyard Pte Ltd

The Board of Directors of Swiber Holdings Limited (the ‘Company’, and with its subsidiaries,
the ‘Group’) wishes to announce that it has entered into a Sale and Purchase Agreement
(the ‘SPA’) on 03 August 2007 to acquire from Project Engineers (Pte) Limited (the ‘Vendor’) all the issued ordinary shares in the capital of North Shipyard Pte Ltd (‘North Shipyard’, and such acquisition hereinafter called the ‘Acquisition’).