Kim Heng buys Swiber anchor handlers

Kim Heng Offshore & Marine has snapped up three anchor handlers from distressed offshore player Swiber Holdings.

It said it had picked up the 10,800-bhpSwiber Mary-Ann (built 2010),Swiber Anne Christine (built 2009) andSwiber Else-Marie (built 2009) for $9.6m.

Kim Heng said it will fund the acquisition with SGD 8.5m ($6.1m) of proceeds from its 2014 IPO with the remaining SGD 5m drawn down from its existing bank loans.