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    Swiber and ICON to jointly own Victorious

    Vessel & ROV News // March 25, 2009

    Swiber Holdings Limited has announced that it has taken further steps to reduce its debt position and strengthen its balance sheet in its efforts to expand its fleet.

    The Group has announced that ICON Capital Corporation, one of the largest independent, privately-held equipment leasing and specialty finance companies in the US, has subscribed to a 51 per cent stake Victorious LLC, owner of the construction vessel Swiber Victorious.

    The transaction was jointly arranged by RS Platou Finans Singapore Pte Ltd and LS Finans AS, Oslo.

    The funds from the subscription of shares by ICON Capital totaling US$19.125 million will be utilised to repay the Group’s loans.

    Swiber owns the remaining 49 per cent stake in Victorious LLC and has chartered Swiber Victorious from Victorious LLC for its own offshore projects.

    The vessel will be deployed immediately to work on offshore projects.

    Swiber Victorious is a 300-man capacity dive support and accommodation/work barge of approximately 100m in length, which was completed and delivered to Swiber in March 2009.

    The vessel features 1,200m2 of cargo deck area and 704m2 of covered work area.

    Complete with a helideck, hospital, gymnasium and recreation room, Swiber Victorious also has a 300 tonne Huisman crane.

    Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber said: “We are very pleased to have ICON Capital as our partner to jointly own Victorious LLC. We chose to
    undertake this mode of partnership as it significantly reduces our borrowings."

    "Also, we intend to fully utilise the vessel ourselves to carry out our offshore projects as part of our strategy to reduce our reliance on third-party vessels.”

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