Swiber Marine sells 50% of its shareholding in Swiwar Offshore to Warden Marine Singapore
Swiber Holdings Limited has announced, that its wholly -owned subsidiary, Swiber Marine Pte. Ltd. ("Swiber Marine"), had entered into a sale and purchase agreement dated 20 December 2017 (“ SPA ”) with Warden Marine Singapore Pte. Ltd. ("Warden Marine") in relation to the sale by Swiber Marine of 590 ordinary shares in the capital of Swiwar Offshore Pte. Limited (" Swiwar "), which represent 50% of the total issued shares in the capital of Swiwar, to Warden Marine (an unrelated party), at an aggregate cash consideration of US$1.00.
The disposal was completed on 20 December 2017 and following completion, Swiwar ceased to be an associated company of Swiber Marine.
Swiwar is a company incorporated in Singapore on 29 November 2006. As at the date of the SPA, Swiwar had an issued share capital of USD11,210,001.66, comprising 1,180 ordinary shares, all of which have been fully paid- up. Immediately prior to completion, Swiber Marine and its joint venture partner, Warden Marine, each held 50% of the total issued shares in the capital of Swiwar.
Swiwar’s principal business activities are the ownership, operation and chartering of vessels. As at the date of the SPA, the sole asset of Swiwar is a vessel named “Swiwar Surya” (previously named as “Tan Cang 66”). The vessel has been mortgaged in favour of a lender who had extended credit facilities to Swiwar in connection with Swiwar’s purchase of the vessel.