Stricken offshore firm Swiber in talks for possible $285.4m rescue by Mideast investor

SINGAPORE - Debt-laden offshore and marine group Swiber Holdings, currently in judicial management, has started discussions with a third party with a view to set out the broad terms of a possible restructuring deal in a term sheet.

The potential investment is aligned with the Middle Eastern firm's strategy for the region, Swiber's judicial managers understand. Subsequently, the balance of US$190 million will be invested by way of subscribing, in tranches, for new shares in the new subsidiary and/or EEPL. For the unsecured creditors of Swiber Holdings and Swiber Offshore Construction , the new subsidiary will issue to the creditors shares making up about 12.6 per cent of its enlarged share capital to the creditors.

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