Restructuring Singapore offshore support vessel (OSV) owner Swiber Holdings has failed in a bid to win new investment from boxship giant Seaspan.
The two companies struck a $200m deal in March last year, with a 31 December deadline.
The transaction would have seen Swiber diversify into the LNG power sector in Vietnam.
But Swiber has now said that "certain conditions", including those relating to the transfer of some assets, debt restructuring and the $1bn LNG project itself, were not met.
Both sides have agreed to terminate the deal.
"The judicial managers remain open to considering other options for the restructuring of the company," Swiber said.
As part of its own diversification efforts, US-listed owner Seaspan aimed to buy 80% of Swiber's enlarged capital and new preference shares in subsidiary Equatoriale Energy.
Of the $200m injection, $10m was to be paid to take the stake in Swiber, with the rest earmarked for construction, operation and maintenance in Vietnam.
Major milestone crumbles
Seaspan said back in March that the move marked "a major milestone in efforts to get the SGX-listed marine engineering group back on its feet after over two years in judicial management."
But by November Seaspan had realised its own diversification ambitions with a $750m reorganisation that will see it take over a mobile power solutions provider from shareholder Fairfax Financial Holdings.
The transaction involves the Hong Kong and Vancouver-headquartered owner create a new parent company, Atlas Corp, that will buy APR Energy, which delivers portable power plants.
The deal effectively transforms Seaspan, a major lessor of containerships, into a multi-sector asset management firm.
