Swiber - Placement 0f 84m shares at 88 cts

Friday, May 29, 2009

Size: Up to 84,000,000 new shares, (approx 19.9 % of existing share capital)
(Note 30m shares anchored and the balance will be on an accelerated book building process)


In view of the recent rally in the market, the Swiber Management has agreed to price the placement of the 10-day VWAP which works out to a 7.7 % discount to the 10-day VWAP off S$0.9531.This is a 16.2% discount to the last done price of S$1.05.


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