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Swiber incorporates vessel charterer in Mexico with 49% stake

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Debt-laden offshore and marine group Swiber Holdings has incorporated an associated company in Mexico, Somex International, whose main business will be vessel chartering, its judicial manager Bob Yap said on Monday in a regulatory update.

DEBT-LADEN offshore and marine group Swiber Holdings has incorporated an associated company in Mexico, Somex International, whose main business will be vessel chartering, its judicial manager Bob Yap said on Monday in a regulatory update.

Somex International has an initial issued share capital of 200,000 Mexican pesos (S$14,301), comprising 200,000 shares, of which Swiber owns a 49 per cent stake or 98,000 shares. The remaining 51 per cent is held by a Mexican individual.

The incorporation of the company was funded through internal resources, the statement added.

In May, the offshore and marine group and its subsidiary, Swiber Offshore Construction (SOC), received key approval from creditors for a proposed restructuring that involves an equity investment from New York-listed Seaspan Corp.

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The proposal still requires approval from shareholders and regulators, but Mr Yap, who is KPMG's head of advisory and restructuring in Singapore, said in a statement at the time that the creditors' green light was a "positive step towards achieving a successful restructuring"

Trading in Swiber shares has been suspended since 2016.