2. The Company wishes to make the following announcements.

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1 SWIBER HOLDINGS LIMITED S$300,000,000 MULTICURRENCY MEDIUM TERM NOTE PROGRAMME (THE MTN PROGRAMME ) (1) INCREASE IN PROGRAMME LIMIT FROM S$300,000,000 TO S$500,000,000 (2) APPOINTMENT OF DBS BANK LTD. AS ARRANGER (3) AMENDMENTS TO TRUST DEED RELATING TO THE MTN PROGRAMME 1. (the Company ) had established a Multicurrency Medium Term Note Programme (the MTN Programme ) on 20 July 2007 pursuant to which the Company may from time to time issue notes (the Notes ). In relation to the MTN Programme, the Company had entered into a Trust Deed dated 20 July 2007 (the Trust Deed ) as issuer with British and Malayan Trustees Limited as trustee (the Trustee ). Except as otherwise provided, all undefined capitalised terms used in this announcement shall bear the meanings ascribed to them in the Trust Deed as supplemented or amended by the Supplemental Trust Deed (as defined below). 2. The Company wishes to make the following announcements. 2.1 The maximum aggregate principal amount of notes which may be issued under the MTN Programme has been increased from S$300,000,000 to S$500,000,000 (the Increased Limit ) with effect from 22 July Approval in-principle of the Singapore Exchange Securities Trading Limited (the SGX-ST ) for the Increase in Programme Limit has been obtained. Such approval and admission to the Official List of the SGX-ST and quotation of any Notes on the SGX-ST is not to be taken as an indication of the merits of the Company, its subsidiaries, its associated companies, the Programme or the Notes. 2.2 DBS Bank Ltd. has been appointed as the new arranger of the MTN Programme with effect from 7 June 2010 following the resignation of the previous arranger. The resignation of the previous arranger takes effect from 7 June 2010.

2 2.3 At the request of the Company, the Trustee has concurred with the Company in making amendments to the Trust Deed (collectively, the Amendments ) by entering into a Supplemental Trust Deed dated 22 July 2010 (the Supplemental Trust Deed ). The Amendments include: changes in the financial covenants in Clause 7.2 of, as well as in Part II of Schedule 1 to, the Trust Deed to include a new financial covenant relating to the ratio of Non Sales and Leaseback Borrowings to Consolidated Tangible Net Worth as well as changes in the definitions relating to the financial covenants, such that all references to six-months consolidated balance sheet and six-months consolidated profit and loss statement in the relevant definitions will be to three-months consolidated balance sheet or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited three-months consolidated balance sheet, unaudited six months consolidated balance sheet and threemonths consolidated profit and loss statement or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited three-months consolidated profit and loss statement, unaudited six months consolidated profit and loss statement respectively. Accordingly, under the terms of the new financial covenants, the Company has undertaken to ensure that: (i) (ii) (iii) (iv) its Consolidated Tangible Net Worth shall not at any time be less than US$80,000,000; the ratio of Consolidated Total Borrowings to Consolidated Tangible Net Worth shall not at any time be more than 2.5:1; the Interest Coverage Ratio shall not at any time be less than 2:1; and the ratio of Non Sales and Leaseback Borrowings to Consolidated Tangible Net Worth shall not at any time be more than 2:1. For the purposes of Clause 7.2 and the Conditions: (a) Consolidated Tangible Net Worth means in relation to the Group, the amount (expressed in US dollars), calculated in accordance with generally accepted accounting principles in Singapore, equal to the aggregate of: (1) the amount paid up or credited as paid up on the issued share capital of the Issuer; and

3 (2) the amounts standing to the credit of the reserves (including profit and loss account) of the Group on a consolidated basis, all as shown in the then latest audited full year consolidated balance sheet or, as the case may be, unaudited three-months consolidated balance sheet or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited threemonths consolidated balance sheet, unaudited six-months consolidated balance sheet, of the Group but after: (A) (B) (C) making such adjustments as may be appropriate in respect of any variation in the issued and paid up share capital and the reserves set out in paragraph (2) above of the Group since the date of such latest audited consolidated balance sheet, unaudited three-months consolidated balance sheet or, as the case may be, unaudited six-months consolidated balance sheet, of the Group; excluding any sums set aside for future taxation; and deducting: (aa) (bb) (cc) (dd) an amount equal to any distribution by any member of the Group out of profits earned prior to the date of such latest audited consolidated balance sheet, unaudited three-months consolidated balance sheet or, as the case may be, unaudited six-months consolidated balance sheet, of the Group and which have been declared, recommended or made since that date except so far as provided for in such balance sheet and/or paid or due to be paid to members of the Group; all goodwill and other intangible assets; any debit balances on consolidated profit and loss account; and any amounts arising from a writing-up after the date of the Supplemental Trust Deed of the book value of any property of the Group (any increases in the book value of property which results from its transfer being deemed for this purpose to have arisen from a writingup);

4 (b) Consolidated Total Borrowings means in relation to the Group, an amount (expressed in US dollars) (excluding accrued expenses and trade payables) as shown in the then latest audited full year consolidated balance sheet or, as the case may be, unaudited three-months consolidated balance sheet or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited three-months consolidated balance sheet, unaudited six-months consolidated balance sheet, in accordance with generally accepted accounting principles in Singapore, equal to the aggregate of: (1) bank overdrafts and all other indebtedness of the Group in respect of any borrowed moneys (excluding indebtedness referred to in paragraphs (4) and (5) below); (2) the principal amount of the Notes or any bonds or debentures of any member of the Group whether issued for cash or a consideration other than cash; (3) the liabilities of the Issuer under the Trust Deed or the Notes; (4) indebtedness of the Group representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; and (5) indebtedness of the Group representing the deferred purchase price of assets or services (other than goods or services obtained on normal commercial terms in the ordinary course of trading); where such aggregate amount falls to be calculated, no amount shall be taken into account more than once in the same calculation, and if and to the extent any of the preceding items (other than Attributable Debt) would appear as a liability upon the consolidated balance sheet of the Group prepared in accordance with generally accepted accounting principles in Singapore where: Attributable Debt in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with generally accepted accounting principles in Singapore but in any

5 event not exceeding 12 per cent. per annum; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation ; Capital Lease Obligation means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalised on a balance sheet prepared in accordance with generally accepted accounting principles in Singapore, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty; and Stated Maturity means, with respect to any instalment of interest or principal on any indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. The definition of Consolidated Total Borrowings for the purposes of Clause 7.2 and Condition 3(b) shall not include indebtedness represented by Attributable Debt or Capital Lease Obligations, in each case, incurred by the Issuer or any of its subsidiaries for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Issuer or any of its subsidiaries, in an aggregate amount not exceeding US$100,000,000 at any time outstanding. For the avoidance of doubt, any such amount in excess of US$100,000,000 shall be included in the definition of Consolidated Total Borrowings for the purposes of Clause 7.2 and Condition 3(b); (c) Interest Coverage Ratio means the ratio of EBITDA to Interest Expense all as shown in the latest audited full year consolidated profit and loss statement or, as the case may be, unaudited three-months consolidated profit and loss statement or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited three-months consolidated profit and loss statement, unaudited six-months consolidated profit and loss statement, of the Group where: EBITDA means, in relation to the relevant period, the aggregate of the net earnings of the Issuer and its subsidiaries on its ordinary activities during such period before

6 taking into account Interest Expense and income tax expense but making adjustments thereto by adding back depreciation charged and amount attributable to amortisation of goodwill and other intangibles to the extent deducted in arriving at such earnings on ordinary activities during such period; and Interest Expense means, in relation to the relevant period, the consolidated amount of interest, commission, discounts and other fees or charges incurred paid or payable by the Group in connection with all indebtedness during that period; and (d) Non Sales and Leaseback Borrowings means, in relation to the Group, an amount (expressed in US dollars) (excluding accrued expenses, trade payables, income tax payables, deferred tax liabilities and not taking into account any fair value adjustments of derivative financial instruments utilised by the Group) as shown in the then latest audited full year consolidated balance sheet or, as the case may be, unaudited threemonths consolidated balance sheet or, where the Issuer is not required under the listing guidelines of the SGX-ST to prepare unaudited three-months consolidated balance sheet, unaudited six-months consolidated balance sheet, in accordance with generally accepted accounting principles in Singapore, equal to the aggregate of: (1) bank overdrafts and all other indebtedness of the Group of any borrowed moneys (excluding indebtedness referred to in paragraph (4) below); (2) the principal amount of the Notes or any notes or debentures of any member of the Group whether issued for cash or a consideration other than cash; (3) the liabilities of the Issuer under the Trust Deed or the Notes; and (4) indebtedness of the Group representing deferred purchase price of assets or services (other than goods or services obtained on normal commercial terms in the ordinary course of trading); where such aggregate amount falls to be calculated, no amount shall be taken into account more than once in the same calculation, and if and to the extent any of the preceding items would appear as a liability upon the consolidated balance sheet of the Group prepared in accordance with generally accepted accounting principles in Singapore; and

7 2.3.2 an update in the address of Citicorp Investment Bank (Singapore) Limited, as the Issuing and Paying Agent and as the Agent Bank in Parts I, III and IV, Schedule 1 to the Trust Deed to 3 Changi Business Park Crescent #03-00 Changi Business Park Singapore In addition, certain other consequential, updating and editorial amendments have been made to the Trust Deed. 4. The Amendments take effect on and from 22 July 2010 and shall henceforth in relation to the Notes issued after 22 July 2010 have effect as so amended. For the avoidance of doubt, the Trust Deed shall continue to have effect in relation to the Notes issued prior to 22 July Except to the extent expressly amended by the provisions of the Supplemental Trust Deed, all other provisions of the Trust Deed (including the Terms and Conditions of the Notes) will remain in full force and effect. 5. A copy of the executed Supplemental Trust Deed will be available for inspection during usual business hours at the office for the time being of the Company (presently at 12 International Business Park, Cyberhub@IBP #05-01, Singapore ) for a period of six months from the date of the Supplemental Trust Deed. By Order of the Board Goh Kim Teck Executive Chairman and CEO 22 July 2010

THE CORPORATE REORGANISATION AND PROPOSED LISTING OF THE SUBSEA SERVICES BUSINESS OF SWIBER HOLDINGS LIMITED ( SWIBER OR THE COMPANY )

THE CORPORATE REORGANISATION AND PROPOSED LISTING OF THE SUBSEA SERVICES BUSINESS OF SWIBER HOLDINGS LIMITED ( SWIBER OR THE COMPANY ) 1. INTRODUCTION Further to the announcement on 13 May 2010 on the