Seaspan has executed an investment agreed last October with a revision to the two tranches of the planned $200m investment in Swiber.
The tranche of $20m for an 80% equity interest in a newly incorporated company, New Swiber Investment, that will take over some of the assets of Swiber has been reduced to $10m.
A potential $180m in development stage LNG-to-power project in Vietnam has been increased to $190m.
The closing of the investment is subject to a number of conditions including securing the necessary approvals from creditors, regulators and shareholders.
Seaspan emerged as the unlikely potential saviour of Singapore Exchange-listed Swiber last October with Seaspan ceo Bing Chen, a former banker, bringing knowledge of the offshore sector. The investment in the sector is likely though to be a one-off by one of the largest containership tonnage providers.
Read more: Containership owner Seaspan emerges as unlikely saviour of bankrupt Swiber
Swiber was once valued at over $1bn and collapsed in spectacular fashion in July 2016 filing for liquidation, a decision reversed a few days later with a filing for judicial management.
Read about the background to Swiber's bankruptcy
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
