Swiber incorporates subsidiary; announces delay in completion of offshore project

SINGAPORE (July 8): Swiber Holdings has announced the incorporation of a wholly owned subsidiary, Swiber Assets. The newly formed subsidiary is an investment holding company with an initial issued capital of US$10,000.

According to Friday filing, the transaction was funded internally and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the current financial year ending Dec 31, 2016.

In a separate announcement, the company also announced that it expects a delay in the completion of its US$710 million ($959 million) offshore field development project in West Africa due to weakness in the oil and gas sector since the latter half of 2014.

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