A niche service provider to the offshore oil and gas industry

Swiber Holdings Limited

12 months ended 31 Dec 200626 February 2007

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that could cause actual results, performance or events to differ materially from those in the statements as originally made.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

Exploration Field Development ProductionStages of an offshore O&G project

Swiber’s scope of Services

• FSO• FPSO• Platform supply

vessel• Crew boats• Utility vessels

• Pipelay barge • Crane barge• Anchor handling tugs • Supply boats• Towing tugs • Crew boats• Support barge • Utility vessels• Accomodation barge

• Jackup drilling barge• Towing tugs• Accomodation barge• Support barges• Crew boats

• Production support activities

• Installation of production platform• Installation of offshore pipeline• Installation of Mooring system for FSO &

FPSOs

• Exploration drilling

Swiber’svessels

24 Nov 2006

• Purchased 4 vessels for US$28.1m (1 cargo barge + 3 AHT)

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

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

S$494.460 millionMarket Capitalisation

369,000,000Shares Outstanding

Current Valuation of SwiberS$1.340Share Price (as at market close of 23 Feb 2006)

Price/ MovingAverage

S$1.34

A niche service provider to the offshore oil and gas industry

Financial Performance

4Q and 12-Mths ended 31 Dec FY2006

by Francis Wong

Chief Financial Officer

Key Financial Highlights

+63.32.64.2+96.76.212.1Net Profit before MI

NMNMNM+86.62.314.32EPS – fully diluted (US cents)

+55.42.53.9+96.56.212.1Net Profit

+43.82.73.8+95.66.613.0Profit Before Tax

+56.53.04.7+98.07.715.3Gross Profit

+288.46.123.6+262.918.466.8Revenue

Change (%)

4QFY05 (3M)

4QFY06 (3M)

Change (%)

FY05 (12M)

FY06 (12M)US$’m

Strong set of 4Q results capped a record year

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

66.8

15.59.6

18.4

0

10

20

30

40

50

60

70

2003 2004 2005 2006

12.1

6.2

2.5

0.9

0

2

4

6

8

10

12

14

2003 2004 2005 2006

US’m

Revenue Net Profit

US’m

CAGR = 62.8%

CAGR = 129.2%

Revenue by Business Segments

EPCIC: 70.1%FY05: 32.2%

Marine Support: 29.9%FY05: 67.8%

FY06

Revenue by Geographic Markets

Others: 11.3%FY05: 21.9%

Malaysia: 60.7%FY05: 34.4%

Indonesia: 10.3%FY05: 26.7%

Singapore: 17.7%FY05: 17.0%

FY06

Profit Margins

22.9%25.9%15.9%

42.0%33.0%46.3%

36.8%19.4%44.3%

12.8%6.4%18.1%

Gross margin• Offshore EPCIC• Offshore Marine Support

FY06FY05FY04FY03Margins in %

18.2%33.5%25.8%5.7%Net margin

18.9%33.7%26.4%7.4%Operating margin

Balance Sheet Highlights

16.449.1Total equity

3.67.4Non-current liabilities

15.943.3Non-current assets

9.534.6Current liabilities

13.547.8Current assets

5.428.9Trade receivables

2.811.5Cash & bank balances

31 Dec 200531 Dec 2006US$’m

Cash Flow

11.5

26.3

(30.5)

10.6

13.2

FY06

2.8

7.8

(12.8)

6.9

6.3

FY05

Operating cashflow before movement in working capital

Net cash from operating activities

Cash & cash equivalents at end of year

Net cash from financing activities

Net cash from investing activities

US’m

Key Financial Ratios

6.5613.13NTA per share (US cents)

21.013.3Return on Asset (%)

37.724.7Return on Equity (%)

0.290.23Net Debt / Equity (times)

31 Dec 200531 Dec 2006US$’m

Order Book & Latest Contracts/LOI secured in 2007

Order book reflects continued strong growth momentum

Note:• Management accounts and indication

US$186.5 mTOTAL

160.6Contract and LOI secured in 1QFY07

25.9Outstanding order book as at 31 Dec 06

Total in US$’m

A niche service provider to the offshore oil and gas industry

Review of Industry

Outlook and Opportunities

by Raymond Goh

Chief Executive Officer

The Opportunities in the Offshore World

Continued strong growth in the offshore O&G sector from 2006 to 2010. All markets will retain ever higher levels of operating expenditure.

Growth in O&G sector

Rapid technology advances

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.

Opportunities in offshore gas drive new explorations

Offshore gas has considerable opportunities related to the advent of new gas production and conversion technologiesLNG projects and the beginnings of a GTL industry kick-starting development of stranded fields, and encouraging new exploration in gas-prone areas.

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

Higher O&G prices are here to stay

Source: “The World of Oil & Gas Production & Spend Forecast 2006 – 2010” by Douglas-Westwood Limited 2006

Growing Offshore Construction Trends

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

Demand for Swiber EPCIC services is driven by capital expenditures of offshore operators

Global Regional Summary: All Water Depths 2001 to 2010

2,3962,1851,8691,6191,4201,194971861740606Gas deep53,46151,10148,02945,58242,94340,48939,14637,84336,58735,589GLOBAL

17,70416,31715,17014,54313,51512,70112,06811,46211,00410,578Gas shallow

7,3686,7365,6934,6463,8633,0742,5062,3172,1581,841Oil deep

25,99325,86325,29724,77424,14423,52023,60223,20322,68622,564Oil shallow

2010200920082007200620052004200320022001Offshore production (000s bbls/day)

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 shallow31%

Oil deep8%

Gas deep3%

Oil shallow58%

Source: Energyfiles Ltd.

All Water Depths: Offshore O&G Production 2001 to 2010

Source: Energyfiles Ltd.

Global Regional Summary: Shallow Water O&G

Source: Energyfiles Ltd.

Shallow water O&G has been increasing slowlyFrom 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 2010Middle Eastern & FSU growth is replacing Western European decline

Global Regional Summary: Deepwater O&G

Source: Energyfiles Ltd.

Deepwater O&G has been increasing rapidly Rises expected at 20% per year from 2005 to 2008Growth will slow down after 2008 though output will reach nearly10mm barrels per day by 2010Growth will especially come from West Africa

Global Capex Summary

Source: Energyfiles Ltd.

Regional Spends – Capex 2001 to 2010

Source: Energyfiles Ltd.

A niche service provider to the offshore oil and gas industry

Review of Industry

Strategy Forward

by Raymond Goh

Chief Executive Officer

Main Growth Drivers Going Forward

Expand resources

Market development

New designs and

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

Main Growth Drivers Going Forward

Expand resources

Market development

New designs and

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

Swiber’s Offshore Marine Fleet

100%To be completed in 20073200 BHPTowing TugSwiber Hawk21

100%To be completed in 20073200 BHPTowing TugSwiber Falcon22

100%2006280 Ft Flat Top BargeAMH 280110

100%To be completed in 2007250 ftFlat Top BargeSwiber 25411

100%To be completed in 20085150 BHPAHTSSwiber Conqueror25

100%To be completed in 2007330 FtFlat Top BargeSwiber 33124

100%To be completed in 2007120 FtFlat Top BargeSwiber 12323

100%To be completed in 20075150 BHPAHTSSwiber Champion20

100%To be completed in 20075150 BHPAHTSSwiber Voyager19

50%To be completed in 20075150 BHPAHTSSwiber Venturer18

100%To be completed in 20075150 BHPAHTSSwiber Challenger17

100%To be completed in 20074000 BHPAHTSSwiber Navigator16

100%To be completed in 20074000 BHPAHTSSwiber Explorer15

Longterm leaseTo be delivered in 20072500 MtonsCrane BargeDALIHAO14

100%To be completed in 2007Drilling PlatformSwiber Jackup N113

100%To be completed in 2007Pipelay BargeSwiber Conquest12

100%2005250 FtFlat Top BargeSwiber 2539

100%2005250 FtFlat Top BargeSwiber 2528

100%2005250 FtFlat Top BargeSwiber 2517

100%1994 rebuilt1700 BHPTowingSea Speed6

100%19981880 BHPTowingSwissco Phoenix5

100%19982400 BHPUtilitySwissco 994

100%20063200 BHPTowingSwiber Eagle3

100%19734000 BHPAHTSSwiber Captain2

100%19796000 BHPAHTSSwiber Trader1

StakeYear BuiltCapacity (BHP)TypeNameNo.

Capital Commitments as at 31 Dec 2006

Swiber Conquest-Pipelay

Swiber Voyager

Swiber Venturer

Swiber Explorer

Swiber Navigator

Swiber Champion

Swiber Hawk

Swiber Falcon

Swiber Jackup N1

AMH 2801

Swiber 331

Swiber 122

Swiber 282

Swiber 254

Vessel Name

1 Pipelaying Barge

5 AHTS

2 Towing Tugs

1 Jackup Barge

2 Cargo Barges

3 Flat Top Barges

14

9 - 13

8

7

6

5

4

3

2

1

No.

Total CAPEX:US$77.9 million

Dalihao Crane Barge

• 2,500 Mtons• To be delivered in 2007

Next Wave of Asset Expansion Plan

5,150 BHP AHTS4 units

300-man accomodation barge1 unit

4,000 MT Sheerleg suitable for offshore lifting

1 unit

Pipelay barge2nd unit

TypeUnit

For delivery in 2008 and 2009

Considering sale and lease-back transactions to fund the next wave of asset expansion plan

Illustration: Pipelay barge

4,000 mton Sheerleg Barge suitable for offshore operations

Main Growth Drivers Going Forward

Expand resources

Market development

New designs and

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

Focus and expand on Asia Pacific markets and Middle East markets

Malaysia

Indonesia

India

Brunei

Singapore

Thailand

Vietnam

China

MyanmarBangladesh

Australia

Middle East

Markets where Swiber has offices / presence Markets we are targeting

India Market: Rapid Growth

Secured US$14 m 3-year charter contract in Jan 07To provide an AHTS vessel for marine oil and gas works within Indian waters.Commencement date: May 072 extension option of 6 months each potentially worth US$4.6 million

Secured US$14 m 3-year charter contract in Dec 06To provide an AHTS vessel to be used within Indian watersCommencement date: Apr 072 extension option of 6 months each potentially worth US$4.6m

Secured US$5.75 m charter contract in Nov 06To provide a spread of vessels for the transportation of jacketsand decks within Indian waters Commencement date: 1H07

US$33.75 million US$33.75 million worth of new worth of new

contracts with BG contracts with BG ExplorationExploration

New Joint Venture in India: Swiwar

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

SignificanceSignificance

Process of purchasing a AHTS vesselEach partner contributing their respective equity and/or loan capital to meet the payment schedule

In the pipelineIn the pipeline

US$3.6 m investment for a 50-50% interest in JV company, Swiwar, with JV partner Calox Consultant FZ Pte LtdTo jointly market and provide offshore marine support services in India

WhatWhat

Calox is a UAE company incorporated in 2004 with extensive local knowledge in IndiaSpecialises in the marketing and representation of equipment and oil field services to the E&P industryTrack record in securing EPCIC contracts for its principles for construction and supply of platforms, hook up and commissioning

WhoWho

Entered into a JV in December 2006 to offer marine support Entered into a JV in December 2006 to offer marine support services in Indiaservices in India

New Market: Brunei - US$146m EPCIC Contract With Shell

Option of extra work in 2009 and 2010SignificanceSignificance

3 major projects: Pipeline Replacement, MampakDevelopment and Seria North Flank Development. In-house engineeringProject management Transportation and installation of offshore facilities including platforms, pipelines and sub-sea cables

Services scopeServices scope

Commencement in 2Q07US$70.5 m in 2007US$76.1 in 2008

Expected Expected revenue revenue

realisationrealisation

Project secured in Feb 2007Single largest EPCIC contract to-dateMaiden project in Brunei marketFirst ever deal with Shell

MilestonesMilestones

Main Growth Drivers Going Forward

Expand resources

Market development

New designs and

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

New Designs and Technologies

4,000 mton Sheerleg Barge suitable for offshore operationsJackup drilling barge

A niche service provider to the offshore oil and gas industry

Thank You

Questions & Answers