SWIBER SCORES IN GULF OF MEXICO MARKET WITH US$273 MILLION CONTRACT WIN

- Winning season with third consecutive contract announcement in less than three months of 2012



- Strong order book visibility reflective of strong momentum in the offshore oil and gas industry

Singapore – March 26, 2012 – Swiber Holdings Limited (“Swiber” or together with itssubsidiaries, the “Group”), a world class integrated construction and support services providerto the offshore industry, announced that it has secured another sizeable contract through alocal collaboration with Dragados Offshore (“Dragados”), totaling approximately US$273 millionfor offshore construction work in the Gulf of Mexico.

This latest contract win awarded by an oil major from the Gulf of Mexico, entails offshoreconstruction works for the procurement, transportation, and installation of pipeline in the Gulfof Mexico. Work for this project will commence immediately this year and will carry on into 2013.

Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “Our strategic collaboration with Dragados enables both companies to provide a consolidated source of expertise and offer turnkey solutions to the offshore oil and gas industry. This puts us in a strong position to bank on the vast opportunities in the Gulf of Mexico region.”

With this third consecutive contract announcement in less than three months of 2012, Swiber’s order backlog continues to strengthen with steady growth.