Swiber Signs MOU To Target The Middle East Market

Source: www.gulfoilandgas.com 6/11/2007, Location: Middle East

Swiber Holdings Limited has signed a Memorandum of Understanding (“MOU”) with Emirates Investments Group L.L.C.(“EIG”). The memorandum paves the way for the two parties to combine resources to jointly explore investment opportunities to expand the EPCIC activities of Swiber into the GulfRegion, the Middle East including Pakistan.

The MOU encourages both parties to establish a 50:50 joint venture company (“JVC”) to combine the market understanding and business contacts from EIG, with the technical capability, marine vessels and technical personnel from Swiber.

The proposed JVC will be incorporated in the Emirate of Sharjah, United Arab Emirates, and may have offices in any region within the Territory.


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