Swiber to expand fleet

Swiber Holdings Ltd. has raised $71.2 million through two bond issues to finance fleet expansion.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has raised $71.2 million through two bond issues to finance fleet expansion.

In a strategic thrust to expand its offshore marine support services and engineering, procurement, construction, installation and commissioning services, Swiber plans to accelerate the roll-out of its offshore marine support and construction vessels, the company says.

The core of the plan is to grow profitability by scaling up operations with vessels equipped with new cost-cutting technology and other commercial innovations suitable for offshore operations, Swiber says.

Swiber is building and/or converting 13 vessels, comprising 11 tugs, one submersible barge and one pipelay barge. The new and converted vessels will be added to the company's 20-vessel fleet.

8/24/2007

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