Swiber locks in gains from Kreuz sale completion

THE completion of the sale of integrated subsea services provider Kreuz Holdings (KHL) to Hong Kong private equity company SEA9 has reaped significant gains for Swiber Holdings as well as three of Kreuz's top managers who were significant shareholders.

Swiber said on Tuesday that with the payment of scheme consideration by SEA9 and the subsequent delisting of KHL yesterday, the divestment has been completed and KHL is no longer a subsidiary of the company.

With that, the offshore services group is set to reap a net gain of US$90.6 million, likely to be boo…