United Overseas Bank (UOB) of Singapore has arrested the 2,700-gt anchor handling tug supply vessels Swiber Mary-Ann (built 2010) and Swiber Else-Marie (built 2009), claiming that owner Bukit Timah Offshore AS is in default of its mortgage covenants.
The pair was arrested in the ASL Shipyard in Singapore last Thursday afternoon.
Court records indicate that UOB is seeking to recover $43.45m. the outstanding amount it is owed by Bukit Timah Offshore.
The owner is an entity formed in 2008 by R.S. Platou Finans Shipping A.S to facilitate a sale-and lease back financing deal that saw it acquire three ships from Kreuz Offshore, a wholly owned subsidiary of Swiber Holdings.
The duration of the lease period was set at 10 years and the deal included a third vessel, the 2,700-gt Anne Christine (built 2009).
While Swiber’s directly-owned vessel assets have been under court protection since the company applied for judicial management in late July, that protection does not apply to the owners of vessels who have lease or charter deals with the company.
