Swiber acquires yard

Swiber Holdings Ltd. has acquired a 2.4-hectare (6-acre) shipyard in Singapore for $6.8 million.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has acquired a 2.4-hectare (6-acre) shipyard in Singapore for $6.8 million.

The North Shipyard, in the Tuas industrial region in western Singapore, has 124 m (407 ft) of water frontage and building facilities including a slipway, wharf, and working yard.

Swiber is funding the acquisition through internal funds, says Swiber executive chairman and CEO, Raymond Goh. Swiber plans for the yard to become a marine hub for the company, which owns and/or operates a fleet nine tug boats, nine barges, one crane barge and one jackup barge.

Swiber has placed orders for 11 tugs and one pipelay barge, which are under construction/conversion.

"With the acquisition of North Shipyard, Swiber achieves vertical integration by extending our capability to include restoration & modernization, as well as conversion and construction of vessels," Goh says.

According to Goh, Swiber's growth strategy is to expand its fleet to incorporate offshore support and construction vessels.

8/6/2007

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