AsiaOffshore

Swiber sells barge, proceeds to go to DBS Bank

Swiber Holdings, under judicial management in Singapore since July, has 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.

The vessel is the oldest of Swiber’s 11 barges and has been off-hire since June this year, as Swiber was unable to pay for urgently needed repair works on it.

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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