Seaspan and Swiber terminate $200m investment deal

Seaspan and Swiber terminate $200m investment deal

Vancouver-based shipping group Seaspan Corporation and Singapore’s offshore marine group Swiber Holdings have reached an agreement to terminate a proposed $200m investment deal.

According to Swiber, certain conditions precedent for the completion of the planned investment were not fulfilled before the December 31, 2019 deadline and no agreement was made between the parties for an extension of the long-stop date.

Under the proposed agreement, Seaspan planned to invest $200m into Swiber in two tranches to subscribe for preference shares in Swiber’s subsidiary Equatoriale Energy, upon securing the development stage of LNG-to-power project in Vietnam and achieving major project milestones, as it has seen LNG as a potential new direction to diversify its business.

The creditors of financially troubled Swiber, which is under judicial management, approved the restructuring proposal by Seaspan in May last year.

“The judicial managers remain open to considering other options for the restructuring of the company and Swiber Offshore Construction Pte. Ltd. and will provide updates on any material developments as and when appropriate,” Swiber said.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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