Swiber gets new JV partner for Mexico business

Singapore

A NEW investor is coming on board Singapore-listed Swiber Holdings' developing offshore engineering procurement, installation and commissioning (EPIC) business in Mexico.

Swiber on Friday said that an independent investor with exposure to Mexico's oil and gas business will pick up an interest equivalent to 70 per cent of the enlarged capital of the Singapore-listed company's now wholly owned Mexican unit, Somex Holdings BV.

The undisclosed investor has agreed to subscribe to 23,333 new ordinary shares at the nominal value of US$1 per share and 52.5 million convertible participating preferred shares at the nominal value of US$1 per share, Swiber said i…