Swiber Holdings has disposed of a vessel that was acquired at a bargain price a year ago but was laid up in the summer.
The struggling offshore vessel owner has sold the derrick-lay barge Sea Horizon (built 1977) to WAG SPV I.
Net proceeds of $10.25m from the sale will be used to pay back Swiber’s outstanding debt to DBS Bank.
Swiber paid $10m for the ship in December last year, when its value was estimated at $15m.
But it had to cold stack the Sea Horizon in June. The vessel is out of class and needs repair works worth a minimum of $0.6m.
Swiber sold its oldest barge at a time that it faces increasing pressure from bondholders and creditors.
Earlier today, the company asked for an extension in order to prepare its quarterly results.
The Singapore Stock Exchange granted Swiber a waiver from its obligation to obtain shareholders’ approval to proceed with the vessel sale.
