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Swiber acquires Singapore's North Shipyard

Swiber acquires Singapore's North Shipyard

Singapore: Offshore oil and gas provider Swiber Holdings it has spent S$10.3m to purchase Singapore-based North Shipyard. The acquisition of the 2.4 hectare shipyard has been the first undertaken by the company since Swiber listed on the Singapore Exchange in November 2006.

In a statement, the company said that the yard would primarily serve as a marine base to support the repair and maintenance work for Swiber's growing fleet of marine support and construction vessels. The site will also be utilised as a base for the conversion and construction of vessels.

"Having control over our own marine base insures our vessels against any possible downtime while improving logistical efficiency. All these translate into greater control over project coordination," said Raymond Goh (pictures), Swiber executive chairman and ceo, adding that the yard would be a base for the company to develop its in-house technical design capabilities. "With the experience we have gained over the years, we see an increasing need to provide specialized vessels suitable for Asian oilfields in shallow waters. We are looking at moving up the value chain by designing and investing in these specialized vessels with advanced designs and technologies. North Shipyard would serve as a base for the conversion and construction of these specialized vessels."

Swiber currently owns and/or operates a fleet of 20 vessels comprising nine tug boats, nine barges, one crane barge (Dalihao) and one jack up barge. In addition, 12 vessels, comprising 11 tugs and one pipelay barge, are currently under construction. The company has also announced plans introduce offshore support and construction vessels in its fleet in the near future.  [10/08/07]