Swiber subsidiary to sell vessel for US$10.25 mil to repay DBS

SINGAPORE (Nov 22): Swiber Atlantis, a wholly-owned subsidiary of Swiber Holdings, has signed a memorandum of agreement (MOA) for the sale of its vessel known as Sea Horizon to WAG SPV I, LLC for US$10.25 million ($14.6 million).

Completion of the sale is scheduled to take place on Nov 22, in cash.

The proceeds will be used to pay what Swiber owes under DBS Facilities as the vessel is currently mortgaged to DBS, says the beleaguered group in a Monday statement.

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