FEBRUARY 20, 2013 — Singapore headquartered Swiber Holdings Limited says it is the first company to utilize the floatover method for offshore field development in India.

The group used its derrick pipelay barge Swiber PJW3000 along with the two floatover barges Holmen Atlantic and Holmen Pacific, supported by several other support vessels for the project.

The operation was part of the Indian national oil company Oil and Natural Gas Corporation Ltd. (ONGC) B-193 field development project, offshore Mumbai.

Swiber's scope of work for this complex project involved floatover installation of a 13,000 t AP process platform and an 8,000 t AQ living quarters platform, as well as installation of bridges and flares.

Fabrication of the topsides, jackets and other structures was undertaken by a consortium partner at their yard in Malaysia.

Swiber says that with topside weights increasingly exceeding floating crane lifting capacities, floatover installation has emerged as a reliable and cost-effective alternative.

Mr. Raymond Goh, Executive Chairman of Swiber, said: "The completion of works on the very significant B-193 Field Development Project is a major feat for us as it involves extensive engineering expertise. Swiber is honored by the trust placed on us by India's state-owned ONGC to manage this highly complex project.

"The successful execution and completion of B-193, which marks the first time that any
company has used floatover methods for offshore field development in India, is a testament to Swiber's excellent engineering capabilities and asset strength. It is noteworthy that for a project of this size and complexity, we have been able to use most of our in-house assets fully."

Shri Sudhir Vasudeva, Chairman and Managing Director of ONGC said: "ONGC
joins Swiber in celebrating the success of the first-of-its-kind floatover installation in offshore Indian waters for the B-193 Field Development Project. This is a noteworthy milestone for offshore exploration and development, as it is the first time that floatover installation methods  have been used in India.

"Swiber not only offered a solid value proposition, with savings of over millions of dollars using this innovative float over method, it also delivered complex engineering solutions brilliantly. We are pleased with Swiber's strong execution of this challenging offshore project and look forward to such associations in the future.

"This experience that brought in cost and time savings for ONGC and hence the nation,
prompts me to consider revisiting technology standards for the industry, as has been recently done for safety equipment by the Oil Industry Safety Directorate. It's time that the upstream sector gets together to fix new technology norms that benefit the nation."