Creditors liquidate Swiber subsidiary

Creditors liquidate Swiber subsidiary

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.

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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1 Comment

  1. Paul
    November 30, 2016 at 9:17 am

    Guys, you’ve evidently used Google images to illustrate this article, and the proceeding article linked therein, but in neither article have you used the correct image or link for the Swiber Sea Horizon barge. Indeed the linked article shows Swiber Explorer, listed as an Anchor Handler and the embedded link takes you to a Ro-Ro Ferry! Please get the basics right, its not difficult.