Swiber-Linked Vessels Seized in Singapore

Maritime Activity Reports, Inc.

January 1, 2017

Photo: Swiber Holdings Limited

Photo: Swiber Holdings Limited

 Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times.

All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal.
The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets. 
Total claims received by struggling offshore engineering group Swiber Holdings stood at about US$288.8 million as at Dec 29, 2016, the group said in an update filed to the Singapore Exchange.
The Business Times reported that court documents obtained by it show that the anchor handling tug supply vessels: Swiber Else-Marie, Swiber Mary-Ann, and Swiber Ann-Christine, were arrested over an outstanding mortgage claim of over US$43.4 million (S$62.7 million).
The Business Times also confirmed that the owner of the three vessels is Bukit Timah Offshore AS (BTO), a vehicle set up by RS Platou Finans Shipping AS under the Norwegian KS system back in 2008, to facilitate the sale and leaseback transaction with a totally owned subsidiary of Swiber Holdings.
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