Q: Are there any dividend or profit sharing policy for investors? Does the company have plans on quarterly, bi-annual or annual dividends pay-outs?

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1 A niche service provider to the offshore oil and gas industry s Management Replies To Online Q&A Forum Dear Investors, Thank you very much for the questions and the opportunity to clarify them. We hope you have a better understanding of our business through this online exchange. Your questions will be reposted in Blue followed by our replies in Black. Rgds, Dear Alvin, Q: Are there any dividend or profit sharing policy for investors? Does the company have plans on quarterly, bi-annual or annual dividends pay-outs? As at 31 Dec 2006, the management has not decided on a fixed dividend policy. We are focused on increasing shareholders value, and we will weigh the issue of dividends based on our performance for the year and the cashflow needs for the expansion of our operations. Thanks, Dear Kevin, Q: The deal with Shell Brunei is based on a LOI...is that firm or still pending contract award. When will the project kick off? Shell Brunei LOI is a firm deal. The project has started. We have recently despatched our project team to Brunei to start work on the project and we are expecting the final contract to be signed shortly.

2 Q: You have a 4 number AHTS coming in April Have charter contracts already been signed for them yet? Two of the AHTS to be delivered in 2007 have secured 3-year contracts with India s BG Exploration and Production India Limited. Please refer to our announcements, Swiber secures US$14.0 million charter contract in India dated 4 December 2006 and 25 January The remaining two vessels will be deployed for our EPCIC projects. Q: Who are Swiber s direct competitor locally? As an integrated offshore EPCIC contractor with complementary marine support capabilities, we do not have local competitors operating in our same space. Most of our competitors are foreign multi-national companies. Our major competitors for pipelay and offshore installation include McDermott International Inc., Horizon Offshore, SAIPEM, Global Industries, and Hyundai Heavy Industries Co. Limited, while our major competitors for mooring systems include Single Buoy Moorings Inc., Bluewater Energy Services B.V., and Sofec Inc. Thanks, Dear Royston, Q: Swiber calls itself a niche provider of services in the oil and gas industry. From the presentation slides for FY 2006 performance, EPCIC made up 70% of revenues while marine services made up about 30%. In what way is EPCIC a "niche" industry? Aren't there other competitors in the region (i.e. Southeast asia) who are also providing such services? If so, how can the company retain a competitive advantage over these competitors, and will increased competition erode margins at the same time? Offshore EPCIC is a niche market because of the specialised skill set required to perform the services. The services are highly comprehensive and require a high level of competency from the design of structures, to the management of procurement, to the construction and installation of structures at sea, and the commission and management of the entire EPCIC process. We believe that our key competitive strength - our offshore EPCIC business, is complemented by our in-house offshore marine support capabilities and our strong experienced management team. Over the years, Swiber has assembled a strong team of experienced engineers and support personnel in each of our operating offices in Singapore, Indonesia and Malaysia, who have the relevant experience and knowledge of our industry. The caliber of such personnel gives us an edge in retaining existing customers and attracting new ones. Offshore Marine Support services, we are able to provide customers with one-stop solutions for By using our own fleet of marine support vessels for our EPCIC projects, we have better control over the co-ordination and streamlining of work processes, thereby reduce the risk of potential project disruption or delay while achieving cost efficiency.

3 Q: Also, for FY 2007, what is the % contribution to revenue that Management expects EPCIC to constitute? We expect our overall pie to grow. Our revenue is project-based therefore the contributions from EPCIC division and Offshore Marine Support services division is very much dependent on the nature of the projects secured each year. However, we believe that the percentage of contributions from EPCIC and offshore marine support division of FY06 is a good guide for FY2007. As stated in slide 17 of our FY2006 results ppt presentation, our outstanding order book (as at 31 Dec 2006) and contract and Letter of Intent secured in 1Q FY2007, amounts to US$186.5 million. Of the total amount, US$146.6 million is for EPCIC services. As such, our EPCIC services makes up approximately 78.6% of our outstanding order book (as at 31 Dec 2006) and contract and Letter of Intent secured in 1Q FY2007. Q: On fleet expansion, I understand that Swiber has 15 vessels which are to be delivered in FY Are these mainly for marine services or will they be utilized in the EPCIC cycle? I notice most of the newbuilds consist of AHTS and Flat-Top barges, does this mean they will be used to support oil and gas exploration? Swiber has 14 vessels to be delivered in FY07. Our fleet of marine support vessels is chartered to customers throughout their various stages in their offshore oil and gas exploration, development and production and post-production projects. A few of the new vessels will be chartered to customers, while the rest will be deployed to carry out our EPCIC services. By using our own fleet of marine support vessels for our EPCIC projects, we have better control over the co-ordination and streamlining of work processes, thereby reduce the risk of potential project disruption or delay while achieving cost efficiency. Q: How does the company plan to compete against strong competitors such as Ezra Holdings, which has established itself with a strong fleet as well and is targeting markets in India, China and Vietnam? Also, Ezra's fleet consists of larger bhp AHTS (up to 20,000 bhp) which means it has en edge when it comes to bidding for projects. What strategies can Swiber use to capture more projects and what is the competitive edge? It is not appropriate to compare us with the other Singapore-listed companies because we operate in a different space. Our core competency is our offshore EPCIC services, which is the main growth driver for our Company. Our offshore marine support services complement our EPCIC services. Swiber s dual capabilities allow us to achieve cost efficiencies by integrating our services. Not only are we able to share common resources and streamline our business processes, our onestop solutions capabilities also allow us greater control over project coordination and the quality of work that we extend to our customers. All these translate into greater efficiencies, timely delivery on our projects, and competitive pricing for our customers. Our sales efforts are intensified as we focus on niche areas within the offshore oil and gas industry. And by leveraging on the marketing information we have between the two businesses, we are very much in tune with the project movements and our customers requirements and

4 decisions within the industry. This positions us to enjoy higher success rates for securing contracts. Q: Please kindly provide more details of the planned sale and leaseback to fund the next wave of expansion for FY 2008 ad FY Sale and leaseback is one option amongst others like bank financing which we are considering. We are at a preliminary stage of discussion, and are exploring the various options available to the Company. As such, we are not in the position to provide further details on the matter. We will make further announcement(s) on the matter once the plans are finalised and approved by the Board of Directors. Q: A sheerleg barge was mentioned but it is unclear what this is for. Also, does Management have firm charter contracts on hand before each vessel is built? If not, then it could end up as an idle asset which just adds depreciation to the P&L account. The 4000 mt sheerleg barge is suitable for offshore lifting and is used to install topsides and jackets of production platforms. We expect increasing demand for the 4000 mt sheerleg barge for our EPCIC projects. A case in point - the record US$146.6 million EPCIC project from Shell in Brunei which we announced on 13 February 2007 will require such a vessel to perform the EPCIC installations off the coast of Brunei. Q: What is the probability of capturing contracts in the Middle East, Bangladesh and Myanmar? What is the demand like and are there other players already entrenched there? How far have efforts been taken to secure a foothold in these countries? Hope Management can give some guidance on the efforts being undertaken. As outlined in our IPO Prospectus, and shared in our subsequent company announcements and briefings, we are focusing our efforts on the Asia Pacific and Middle East markets. Our efforts include setting up our own offices in these countries, or as and when opportunities arise, we may consider acquisitions, strategic alliances for co-operation, strategic investments and/or joint ventures. With our three subsidiaries strategically located in Singapore, Malaysia and Indonesia, Swiber is well-positioned to tap into the further growth of the offshore oil and gas exploration, development and production activities in the Asia Pacific. Apart from the markets we are traditionally strong in, we have also been focusing our efforts to expand our presence to India and Brunei. For India, we have announced, in December 2006, a joint venture with Calox Consultants FZ LLC to jointly market and provide offshore marine support services in India. Swiber, as part of its investment in the joint venture, will provide the JV company with expertise and know-how relating to the day-to-day operational, crewing and technical management of the vessels owned by the JV company. In turn, Calox will provide the JV company with services relating to marketing support and commercial management in India.

5 In Brunei, we have recently won a record US$146.6 million LOI from Brunei Shell Petroleum Company Sdn Bhd ( Brunei Shell ). The project marks our first ever deal with international oil giant, Shell Brunei, and the Group s maiden project in the thriving Brunei market. The project has established the start of our relationship with the global oil giant and we believe this will set the stage for more future dealings to come. Notably, the contract comes with an option for extra work in 2009 and 2010 which will be part of the ongoing major project developments by Brunei Shell. As for the Middle East, our strategy is to start with Qatar as Qatar is fast becoming one of the largest gas producers in the world. There are many offshore installations required accordingly. Our intention is to look for strategic alliances for co-operation with a JV partner in Qatar so that a focused effort can be put in place to grow our presence there. Qatar will serve as our springboard to more opportunities into the Middle East. Q: Is the company also in negotiation with other prominent oil majors to provide more EPCIC services? My concern is execution risk as larger contracts require more technical expertise and more commitments. My worry is that Swiber may attempt to take on more contracts that it can handle. Can Management assure shareholders on this point? We will continue to build our order book as we progress to grow and expand our Company. Larger contracts do not necessary mean more complicated services as often times the larger contracts are due to a repetition of work scope. Our areas of expertise are in providing EPCIC services in the installation of mooring systems for FSOs or FPSOs, installation of SPM buoys and jackets or topsides, laying of offshore pipelines and launching of jackets, as well as in the maintenance and refurbishment of SPM buoys and mooring systems. We have built up a track record in our core services. We have no intention to move away from our core competencies to areas we have no experience or knowledge of. Q: Finally, looking into the future, is Management confident of securing contracts of a longer period. I understand that most of the LOI signed so far are for 3-6 months, which does not give much earnings visibility for the long-term. The Brunei Shell contract was the first long-term EPCIC contract which lasts all the way to FY Does Management envision getting more contracts of such duration, be they large or small? Yes, Swiber has been securing long-term projects. Apart from the Brunei Shell project which has installation works scheduled for 2007 to 2008, our Group has also recently secured two 3-year charter contracts worth about US$14m each, awarded by BG Exploration and Production India Limited, for the provision of an AHTS vessel for marine oil and gas works within the Indian waters. Both of the contracts include a 2 extension options of 6 months each on the same rates, terms and conditions. Q: Net and gross profit margins had declined significantly for FY 2006, as compared to FY Gross margin fell from 42.0% to 22.9% year-on-year. Could Management provide an explanation on this significant drop? Moving forward, will shareholders be able to see higher margins for future EPCIC projects and AHTS or barge charter contracts? A major contributing factor for the fall in gross margin was the increased costs for the chartering of third party vessels necessary for our expanded business. We anticipate that with our increase in fleet size and spread of vessels, from our current 11 as at 31 December 2006 to 25 by end of

6 2007, the margins for our projects will likely increase as we depend less on third party vessels in executing our offshore EPCIC projects. Thanks,

7 171 Chin Swee Rd #02-12 San Centre Spore T: F: A niche service provider to the offshore oil and gas industry Established in 1996, Swiber is a niche service provider to the offshore oil & gas industry, with a complementary business in the supply of marine support vessels. The Group offers a full suite of Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) services which are customised to cater to the different needs of our customers in the offshore oil and gas industry. We also operate a fleet of support vessels which are chartered to customers. By integrating our complementary services, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects. Our customers include established companies engaged in the offshore exploration, development and production of oil and gas; and marine contractors engaged in the design and construction of infrastructure for such projects. While our subsidiaries are in Singapore, Malaysia and Indonesia, we have a geographically diversified customer base, having handled offshore EPCIC projects for and provided offshore marine support services to customers based in Singapore, Malaysia, Indonesia, Thailand, India, China, Australia, United Kingdom and United States. US$ m Revenue Gross Profit Profit Bef. Tax Net Profit Net Profit before MI EPS - Fully dil. (US cts) FY FY Chg (%) Q06 (3M) NM 4Q05 (3M) NM Chg (%) NM Orderbooks (US$ m) 31December 06 Contract & LOI secured in 1Q07 Total Total US$186.5 m Revenue % Net Profit % Revenue by Business (FY06) EPCIC 70.1% Marine Support 29.9% Revenue by Geography (FY06) M'sia 61% Indo 10% S'pore 18% Others 11% Future Plans Expand resources Market development New designs & technologies Expand existing spread of vessels to include vessels commonly required for offshore EPCIC operations Focus and expand on Asia Pacific markets and Middle East markets Construction of Jackup Drilling Barge and development of 4,000 mton Sheerleg Barge suitable for offshore operations Offshore O&G project stages Exploration Field Development Production Scope of Services Exploration drilling Installation of production platform Installation of offshore pipeline Installation of Mooring system for FSO & FPSOs Production support activities Vessels Jackup drilling barge Towing tugs Accommodation barge Support barges Crew boats Pipelay barge Crane barge AHTs Supply boats Towing tugs Crew boats Support barge Utility vessels Accommodation barge FSO FPSO Platform supply vessel Crew boats Utility vessels