Swiber to acquire new crane

Swiber Holdings Ltd. subsidiary Swiber Engineering Ltd. has contracted with Hydralift AmClyde Inc. to acquire a 4,180-metric-ton (4,608-ton) M-80 offshore derrick crane for $53.13 million.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. subsidiary Swiber Engineering Ltd. has contracted with Hydralift AmClyde Inc. to acquire a 4,180-metric-ton (4,608-ton) M-80 offshore derrick crane for $53.13 million.

The derrick crane will be one of the largest heavy-lift cranes in the Asia-Pacific region, Swiber says. It will be installed onto a yet-to-be-constructed barge designed by the Swiber team.

"Our internal design team is busy at work to design a specialized barge," says Raymond Goh, Swiber executive chairman and CEO. "Fitted with the new derrick crane, the barge will be suitable for heavy lifting offshore operations. This project will provide us the opportunity to demonstrate our capabilities in the conversion and construction of specialized vessels with advanced designs and innovations."

The derrick crane is scheduled for delivery in 3Q 2009.

Hydralift is a unit of National Oilwell Varco.

9/6/2007

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