Swiber to Raise S$120.4 Million in Private Placement

Swiber Holdings Limited has entered into a placement agreement with CIMB-GK Securities Pte. Ltd. and will issue up to 55,350,000 new ordinary shares in the capital of the company. The shares will be issued at a price of S$2.1748 per placement share, amounting to an aggregate consideration of up to S$120.4 million, and on the terms and conditions of the placement agreement.

The company intends to use the approximately S$77.3 million from the net proceeds for the expansion of its fleet of vessels for its offshore marine support services and Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) projects and the balance will be used for general working capital purposes.