US-listed containership giant Seaspan is to invest up to $200m to revive court-managed Singapore OSV group Swiber Holdings.
It has signed a binding term sheet to buy 80% of Swiber's enlarged capital and new preference shares in subsidiary Equatoriale Energy.
Swiber will as a result diversify into the LNG power business and restructure its debt.
The move "could pave the way for Swiber’s recovery", the Singapore company said.
