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    Swiber completes sale and leaseback of pipelay barge

    Vessel & ROV News // March 16, 2009

    Swiber Holdings Limited has announced the sale and leaseback of its 248-man capacity pipelay barge Swiber Concorde, which was delivered on 28 February 2009 to Tioman Offshore AS, a special-purpose vehicle established by RS Platou Finans AS to own Swiber Concorde.

    The barge is currently preparing for its first pipelay job for an oil major in South East Asia.

    The completion of sale and leaseback of Swiber Concorde is part of a US$95 million sale and leaseback agreement which was announced in October 2007, which comprised four AHTS and one pipelay barge.

    Among the four AHTS, two vessels, Swiber Valiant and Swiber
    have already been delivered.

    Funds from Swiber Concordeís sale and leaseback transaction will reduce the Groupís net debt to equity ratio.

    Of the 15 vessels under sale and leaseback arrangements, seven are still under construction, and Swiber expects its gearing to fall with the completion and delivery of each vessel.


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