Swiber Holdings, under judicial management in Singapore since July, has revealed details of its creditors’ voluntary liquidation of Swiber Offshore Marine. The liquidation process of the owning vehicle began two days ago with KPMG employed to carry it out.
Last week Swiber, an oilfield services company, managed to sell one of its older barges, the Sea Horizon.
An entity called WAG SPV I has paid $10.25m to take on the 1977-built ship. The vessel is currently mortgaged to DBS Bank and the proceeds from the disposal will be used by Swiber to pay down the amounts it owes to its lead creditor.