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Seaspan moves forward on $200m investment in Swiber

Containership owner Seaspan Corp is moving ahead with an investment plan that could see it rescuing bankrupt Singapore offshore player Swiber Holdings.

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

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