Swiber and Rawabi extend term sheet discussions to Oct 6

SWIBER Holdings has extended discussions with potential investor Rawabi Holding Company by a month to Oct 6, the debt-laden offshore and marine group said in a filing to the Singapore Exchange on Monday.

A binding term sheet for a US$200 million cash investment by Rawabi into Swiber's wholly-owned subsidiary Equatoriale Energy was due to expire 90 days after it was entered into on June 8.

Swiber said the discussions are ongoing, and the parties agreed to the one-month extension in writing on Sept 6.

Rawabi is an oil-and-gas conglomerate based in the Middle East.

Swiber shares have been suspended since 2016.