Swiber buys offshore crane for US$53m
SWIBER Holdings, which provides services to the offshore oil and gas industry, is buying an offshore derrick crane for US$53.1 million.
The vendor is Hydralift AmClyde Inc, a unit of US-based National Oilwell Varco.
Swiber will pay for the crane using money from its first Singapore-dollar bond offering, which was completed last month raising $108.5 million.
Payments for the crane will be made based on specified work-in-progress schedule.
The derrick crane, capable of lifting up to 4,180 tonnes, will be one of the largest heavy-lift cranes in the Asia-Pacific region, Swiber said. It is scheduled for delivery in the third quarter of the company's 2009 financial year.
When delivered, it will be installed onto a yet-to-be-constructed barge designed by the Swiber team.
Friday, September 7, 2007
Singapore Corporate News - 7 Sep 2007
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