Swiber Holdings takes 38% stake in Nigerian company

SWIBER Holdings Limited said on Tuesday night that its wholly owned unit, Swiber Offshore Construction Pte Ltd (SOCPL), has acquired 9.5 million shares of Deltatek Offshore Limited (DOL) for 9.5 million Nigerian naira (S$68,540).

This represents 38 per cent of DOL's entire issued share capital. Following the acquisition, DOL has become an associated company of the company.

DOL is a company incorporated in Nigeria and will be principally engaged in providing offshore engineering, procurement, construction, installation and commissioning services in the Sub-Saharan Africa region. Based on the audited financial statements of DOL for the period ended Dec 31, 2014, the net tangible asset value of DOL was 4.66 million naira.

The acquisition will be funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the current financial year ending Dec 31, 2016.