Swiber completes sale, leaseback

Swiber Holdings Ltd. has worked out an initial sale and leaseback agreement for five of its offshore vessels with Norway's R.S. Platou Finans Shipping AS.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has worked out an initial sale and leaseback agreement for five of its offshore vessels with Norway's R.S. Platou Finans Shipping AS.

Swiber has signed deals to sell and lease back two anchor handling towing vessels, two anchor handling towing and supply vessels, and one pipelay/accommodation barge on a bareboat charter agreement for eight to 10 years.

Swiber has guaranteed the performance of the chartered vessels, which still are under construction/conversion, and also has taken an option to purchase the vessels after a certain period.

9/4/2007

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