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Swiber Holdings Limited 12 months ended 31 Dec 2006 26 February 2007 A niche service provider to the offshore oil and gas industry

Forward Looking Statements Important Note The following presentation contain forward looking statements by the management of Swiber Holdings Limited ( Swiber ), relating to financial trends for future periods, compared to the results for previous period. Some of the statements contained in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. Forward looking information is based on management s current views and assumptions including, but not limited to, prevailing economic and market conditions. These statements include known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not, and should not be construed as a representation as to future performance of Swiber. It should be noted that the actual performance of Swiber may vary significantly from such targets.

Presentation Outline Section 1: The Offshore World of Swiber Section 2: Financial Performance Section 3: Review of Industry: Outlook and Opportunities Section 4: Review of Industry: Swiber s Strategy Forward Section 5: Q&As

A niche service provider to the offshore oil and gas industry

The Offshore World of Swiber Stages of an offshore O&G project Exploration Field Development Production Swiber s scope of Services Exploration drilling Installation of production platform Installation of offshore pipeline Installation of Mooring system for FSO & FPSOs Production support activities Swiber s vessels Jackup drilling barge Towing tugs Accomodation barge Support barges Crew boats Pipelay barge Crane barge Anchor handling tugs Supply boats Towing tugs Crew boats Support barge Utility vessels Accomodation barge FSO FPSO Platform supply vessel Crew boats Utility vessels

Key Developments 8 Nov 2006 Trading debut - Stock opened at S$0.550, closed at S$0.505, a premium of 42% above S$0.355 a share issue price 13 Nov 2006 Announced record revenue and earnings for 3QFY06 and nine months ended 30 Sept 2006. 16 Nov 2006 Secured contracts worth US$9.36m Signed LOI worth US$5.75m with BG Exploration of India 24 Nov 2006 Purchased 4 vessels for US$28.1m (1 cargo barge + 3 AHT) 4 Dec 2006 Secured US$13.9m 3-yr charter contract with BG Exploration, commences April 07 11 Dec 2006 Entered into JV in India 25 Jan 2007 Secured US$14m 3-yr charter contract with BG Exploration, commences May 07 13 Feb 2007 Secured single largest EPCIC contract with Shell Brunei worth US$147m 26 Feb 2007 Reported a doubling of FY06 earnings to record US$12.2m on record sales of US$66.8m

Share Price Performance since IPO Price/ Moving Average S$1.34 Current Valuation of Swiber Share Price (as at market close of 23 Feb 2006) S$1.340 Shares Outstanding 369,000,000 Market Capitalisation S$494.460 million

Financial Performance 4Q and 12-Mths ended 31 Dec FY2006 by Francis Wong Chief Financial Officer A niche service provider to the offshore oil and gas industry

Key Financial Highlights Strong set of 4Q results capped a record year US$ m FY06 (12M) FY05 (12M) Change (%) 4QFY06 (3M) 4QFY05 (3M) Change (%) Revenue 66.8 18.4 +262.9 23.6 6.1 +288.4 Gross Profit 15.3 7.7 +98.0 4.7 3.0 +56.5 Profit Before Tax 13.0 6.6 +95.6 3.8 2.7 +43.8 Net Profit 12.1 6.2 +96.5 3.9 2.5 +55.4 Net Profit before MI 12.1 6.2 +96.7 4.2 2.6 +63.3 EPS fully diluted (US cents) 4.32 2.31 +86.6 NM NM NM Record results achieved mainly due to the offshore EPCIC contracts in Malaysia for the transportation and installation of pipelines and production structures in Malaysia

Four Year Group Performance Revenue Net Profit US m US m 70 60 CAGR = 62.8% 66.8 14 12 CAGR = 129.2% 12.1 50 10 40 30 8 6 6.2 20 10 15.5 9.6 18.4 4 2 0.9 2.5 0 2003 2004 2005 2006 0 2003 2004 2005 2006

Revenue by Business Segments EPCIC: 70.1% FY05: 32.2% FY06 Marine Support: 29.9% FY05: 67.8%

Revenue by Geographic Markets Malaysia: 60.7% FY05: 34.4% Indonesia: 10.3% FY05: 26.7% FY06 Others: 11.3% FY05: 21.9% Singapore: 17.7% FY05: 17.0%

Profit Margins Margins in % FY03 FY04 FY05 FY06 Gross margin Offshore EPCIC Offshore Marine Support 12.8% 6.4% 18.1% 36.8% 19.4% 44.3% 42.0% 33.0% 46.3% 22.9% 25.9% 15.9% Operating margin 7.4% 26.4% 33.7% 18.9% Net margin 5.7% 25.8% 33.5% 18.2%

Balance Sheet Highlights US$ m 31 Dec 2006 31 Dec 2005 Cash & bank balances Trade receivables Current assets Non-current assets Current liabilities Non-current liabilities Total equity 11.5 28.9 47.8 43.3 34.6 7.4 49.1 2.8 5.4 13.5 15.9 9.5 3.6 16.4

Cash Flow US m FY06 FY05 Operating cashflow before movement in working capital 13.2 6.3 Net cash from operating activities 10.6 6.9 Net cash from investing activities (30.5) (12.8) Net cash from financing activities 26.3 7.8 Cash & cash equivalents at end of year 11.5 2.8

Key Financial Ratios US$ m 31 Dec 2006 31 Dec 2005 Net Debt / Equity (times) 0.23 0.29 Return on Equity (%) 24.7 37.7 Return on Asset (%) 13.3 21.0 NTA per share (US cents) 13.13 6.56

Order Book & Latest Contracts/LOI secured in 2007 Order book reflects continued strong growth momentum Total in US$ m Outstanding order book as at 31 Dec 06 Contract and LOI secured in 1QFY07 TOTAL 25.9 160.6 US$186.5 m Note: Management accounts and indication

Review of Industry Outlook and Opportunities by Raymond Goh Chief Executive Officer A niche service provider to the offshore oil and gas industry

The Opportunities in the Offshore World Growth in O&G sector Continued strong growth in the offshore O&G sector from 2006 to 2010. All markets will retain ever higher levels of operating expenditure. Rapid technology advances Opportunities in offshore gas drive new explorations Increased focus on new cost-cutting technology and other commercial innovations. Challenge for technology developers is to convert new products into proven hardware. Skills shortage and experience shortage of people pose the greatest challenge to oil companies and their contractors. Offshore gas has considerable opportunities related to the advent of new gas production and conversion technologies LNG projects and the beginnings of a GTL industry kick-starting development of stranded fields, and encouraging new exploration in gas-prone areas. Higher O&G prices are here to stay The era of relatively low-cost O&G energy sources has ended. In this new resources-limited world and oil price collapse could only be driven by a world-scale economic and/or political crisis that interrupts demand growth Source: The World of Oil & Gas Production & Spend Forecast 2006 2010 by Douglas-Westwood Limited 2006

Growing Offshore Construction Trends Demand for Swiber EPCIC services is driven by capital expenditures of offshore operators Recent market research Daily offshore oil and gas production, currently standing at around 43 MMboe, is forecast to grow to 53 MMboe in 2010 and drive industry annual expenditure from $193bn in 2006 to $248 bn by 2010 - Douglas-Westwood A raft of new deepwater facilities and facility expenditure that averages over $3bn per annum will continue In value terms the fixed platform market is still a hugely significant one with annual expenditure in 2004 of $6.7bn, much of which related to local fabrication Not only is the [pipeline] expenditure over the next five years predicted to be higher that that of the previous five, but the make-up of projects is more diverse and the geographical split even more so - Infield Systems Source: Mc Dermott presentation 31 May 2006

Global Regional Summary: All Water Depths 2001 to 2010 Shallow water oil production accounted for nearly 60% of global output in 2005 whilst shallow water gas production stood just over 30% Although deepwater O&G production together only took just over a 10% share of global offshore O&G in 2005, this is expected to have increased to nearly 20% by 2010 of which the gas share will remain around a quarter of the total Gas shallow 31% Oil deep 8% Gas deep 3% Oil shallow 58% Offshore production (000s bbls/day) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Oil shallow 22,564 22,686 23,203 23,602 23,520 24,144 24,774 25,297 25,863 25,993 Oil deep 1,841 2,158 2,317 2,506 3,074 3,863 4,646 5,693 6,736 7,368 Gas shallow 10,578 11,004 11,462 12,068 12,701 13,515 14,543 15,170 16,317 17,704 Gas deep 606 740 861 971 1,194 1,420 1,619 1,869 2,185 2,396 GLOBAL 35,589 36,587 37,843 39,146 40,489 42,943 45,582 48,029 51,101 53,461 Source: Energyfiles Ltd.

All Water Depths: Offshore O&G Production 2001 to 2010 Source: Energyfiles Ltd.

Global Regional Summary: Shallow Water O&G Shallow water O&G has been increasing slowly From 2005 to 2010, it will grow at a faster rate between 3% & 4% p.a. to nearly 44 mm bbls epr day oil equivalent by 2010 Middle Eastern & FSU growth is replacing Western European decline Source: Energyfiles Ltd.

Global Regional Summary: Deepwater O&G Deepwater O&G has been increasing rapidly Rises expected at 20% per year from 2005 to 2008 Growth will slow down after 2008 though output will reach nearly 10mm barrels per day by 2010 Growth will especially come from West Africa Source: Energyfiles Ltd.

Global Capex Summary Source: Energyfiles Ltd.

Regional Spends Capex 2001 to 2010 Source: Energyfiles Ltd.

Review of Industry Strategy Forward by Raymond Goh Chief Executive Officer A niche service provider to the offshore oil and gas industry

Main Growth Drivers Going Forward Expand resources Expand existing spread of vessels to include vessels commonly required for offshore EPCIC operations Market development Focus and expand on Asia Pacific markets and Middle East markets New designs and technologies Construction of Jackup Drilling Barge and development of 4,000 mton Sheerleg Barge suitable for offshore operations

Swiber s Offshore Marine Fleet No. Name Type Capacity (BHP) Year Built Stake 1 Swiber Trader AHTS 6000 BHP 1979 2 Swiber Captain AHTS 4000 BHP 1973 3 Swiber Eagle Towing 3200 BHP 2006 4 Swissco 99 Utility 2400 BHP 1998 5 Swissco Phoenix Towing 1880 BHP 1998 6 Sea Speed Towing 1700 BHP 1994 rebuilt 7 Swiber 251 Flat Top Barge 250 Ft 2005 8 Swiber 252 Flat Top Barge 250 Ft 2005 9 Swiber 253 Flat Top Barge 250 Ft 2005 10 AMH 2801 Flat Top Barge 280 Ft 2006 11 Swiber 254 Flat Top Barge 250 ft To be completed in 2007 12 Swiber Conquest Pipelay Barge To be completed in 2007 13 Swiber Jackup N1 Drilling Platform To be completed in 2007 14 DALIHAO Crane Barge 2500 Mtons To be delivered in 2007 Longterm lease 15 Swiber Explorer AHTS 4000 BHP To be completed in 2007 16 Swiber Navigator AHTS 4000 BHP To be completed in 2007 17 Swiber Challenger AHTS 5150 BHP To be completed in 2007 18 Swiber Venturer AHTS 5150 BHP To be completed in 2007 50% 19 Swiber Voyager AHTS 5150 BHP To be completed in 2007 20 Swiber Champion AHTS 5150 BHP To be completed in 2007 21 Swiber Hawk Towing Tug 3200 BHP To be completed in 2007 22 Swiber Falcon Towing Tug 3200 BHP To be completed in 2007 23 Swiber 123 Flat Top Barge 120 Ft To be completed in 2007 24 Swiber 331 Flat Top Barge 330 Ft To be completed in 2007 25 Swiber Conqueror AHTS 5150 BHP To be completed in 2008

Capital Commitments as at 31 Dec 2006 No. Vessel Name 1 Swiber 254 3 Flat Top Barges 2 Swiber 282 3 Swiber 122 4 Swiber 331 2 Cargo Barges 5 AMH 2801 6 Swiber Jackup N1 1 Jackup Barge 7 8 Swiber Falcon Swiber Hawk 2 Towing Tugs Total CAPEX: US$77.9 million 9-13 Swiber Champion 5 AHTS Swiber Navigator Swiber Explorer Swiber Venturer Swiber Voyager 14 Swiber Conquest-Pipelay 1 Pipelaying Barge

Dalihao Crane Barge 2,500 Mtons To be delivered in 2007

Next Wave of Asset Expansion Plan For delivery in 2008 and 2009 Unit Type 2 nd unit Pipelay barge 1 unit 4,000 MT Sheerleg suitable for offshore lifting 1 unit 300-man accomodation barge Illustration: Pipelay barge 4,000 mton Sheerleg Barge suitable for offshore operations 4 units 5,150 BHP AHTS Considering sale and lease-back transactions to fund the next wave of asset expansion plan

Focus and expand on Asia Pacific markets and Middle East markets China Bangladesh Myanmar Middle East Thailand Vietnam Brunei Indonesia India Malaysia Singapore Australia Markets where Swiber has offices / presence Markets we are targeting

India Market: Rapid Growth US$33.75 million worth of new contracts with BG Exploration Secured US$5.75 m charter contract in Nov 06 To provide a spread of vessels for the transportation of jackets and decks within Indian waters Commencement date: 1H07 Secured US$14 m 3-year charter contract in Dec 06 To provide an AHTS vessel to be used within Indian waters Commencement date: Apr 07 2 extension option of 6 months each potentially worth US$4.6m Secured US$14 m 3-year charter contract in Jan 07 To provide an AHTS vessel for marine oil and gas works within Indian waters. Commencement date: May 07 2 extension option of 6 months each potentially worth US$4.6 million

New Joint Venture in India: Swiwar Entered into a JV in December 2006 to offer marine support services in India What US$3.6 m investment for a 50-50% interest in JV company, Swiwar, with JV partner Calox Consultant FZ Pte Ltd To jointly market and provide offshore marine support services in India Who Calox is a UAE company incorporated in 2004 with extensive local knowledge in India Specialises in the marketing and representation of equipment and oil field services to the E&P industry Track record in securing EPCIC contracts for its principles for construction and supply of platforms, hook up and commissioning Significance Platform to build a significant presence in India s offshore marine support industry, one of the most dynamic and fastest growing markets for offshore oil and gas activities In the pipeline Process of purchasing a AHTS vessel Each partner contributing their respective equity and/or loan capital to meet the payment schedule

New Market: Brunei - US$146m EPCIC Contract With Shell Milestones Project secured in Feb 2007 Single largest EPCIC contract to-date Maiden project in Brunei market First ever deal with Shell Expected revenue realisation Commencement in 2Q07 US$70.5 m in 2007 US$76.1 in 2008 Significance Option of extra work in 2009 and 2010 Services scope 3 major projects: Pipeline Replacement, Mampak Development and Seria North Flank Development. In-house engineering Project management Transportation and installation of offshore facilities including platforms, pipelines and sub-sea cables

New Designs and Technologies Jackup drilling barge 4,000 mton Sheerleg Barge suitable for offshore operations

Thank You Questions & Answers A niche service provider to the offshore oil and gas industry