Swiber to invest $50 million in new vessels

Swiber Holdings Ltd. has proposed a $78.3-million share placement in Singapore, over $50 million of which would be for fleet expansion.

Offshore staff

SINGAPORE -- Swiber Holdings Ltd. has proposed a $78.3-million share placement in Singapore, over $50 million of which would be for fleet expansion.

Swiber has appointed bankers to place 55.35 million ordinary shares of the company, expecting to raise $76.25 million.

Swiber is building and converting eight tugs, three barges, and one pipelay barge to join its fleet of eight tug boats, six barges, one crane barge, and one jackup barge.

More than $26 million will be used for working capital.

The engineering, procurement, construction, installation, and commissioning contractor has been reporting bullish earnings, with the first quarter ended March 31, 2007, doubling net profit to $3.6 million on a revenue of $19.3 million compared with $1.8 million with $6.3 million in revenue for the same quarter last year.

6/28/2007

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