Swiber sells stake in construction bargeCompany News // December 12, 2013
The Board of Directors of Swiber Holdings Limited and its subsidiaries have announced that Swiber PJW 3000 Pte Ltd (SPJW3), a wholly-owned subsidiary of the company has entered into a sale and purchase agreement to dispose its 33.3 per cent stake in PJW 3000 LLC (PJW3), an associate company, to a non-related party.
PJW3 is a vessel-owning company that owns a construction barge. The group will enter into a new charter party agreement with the purchaser subsequent to the disposal.
On completion of the disposal, the company has ceased to have an interest in PJW3, and PJW3 has ceased to be an associate company of the company.
The consideration for the sale is approximately US$52.0 million.