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Swiber in $225M “subsea” ship move


Published Sep 3, 2008
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Rolls-Royce offshore supply ship

Singapore service vessel supplier Swiber Holdings has said its Kreuz Engineering business has entered into agreements for the sale and leaseback of five offshore vessels worth $225 million.

Swiber management said the move gains breathing room to finance an expansion into deepwater and subsea vessels.

Similar moves have long been reported among Norway’s shipping magnates. The leaseback permits “full operational and commercial control over the vessels”.

“Swiber is going full steam ahead on our deepwater strategy, having earmarked the deepwater regions of Souteast Asia, India, West Africa and South America as potential markets for the Group to target,” Group chief exec Raymond Goh was quoted as saying.

Tags: Swiber Holdings Ltd



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