Bust Swiber makes floating LNG play

Bust Swiber Holdings has rolled the dice in a bid to find a new business stream. One of many offshore casualties in Singapore, Swiber has just inked a term sheet to acquire Australia’s Interlink Power & Energy – a proposed deal design to to pave Swiber’s way into the power sector as it turns its attention towards the floating LNG segment away from its oilfield services origins.

Swiber said the agreement could be a step towards reviving the company as a going concern. It has been under judicial management – Singapore’s bankruptcy purgatory – for more than a year.

Interlink is a private company based in Western Australia with a presence also overseas in the UAE, Pakistan and Indonesia. It provides bridging power for up to five years through its Rapid Deployable Rental Power Solution using mobile dual fuel turbines. Its services also include engineering, procurement, construction and operation and maintenance services to clients in remote and challenging locations globally. Among Interlink’s clients are General Electric, Rio Tinto, APR Energy and Repsol.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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