courtesy Swiber

Singapore offshore services outfit, Swiber, has debuted in the debt market with a S$108.5-million bond to keep alive its fleet growth and go for more turnkey jobs, the company said Friday.

Citicorp Investment Bank of Singapore managed the issue in two parts and was rewarded with eager investors snapping up the S$54 million 3-year, fixed-rate tranche and 3-year, floating-rate S$54.5 million tranche.

The bonds will not be admitted for listing and quotation on the Singapore Exchange. Swiber said it expects continued growth on letters of intent worth US$218.7 million in June and new, cost-saving technology aboard its offshor vessels.

The company fleet has grown from 11 to 20 tug boats and barges and 13 vessels are on order, including a submersible barge and a pipelay barge.