Creditors of Swiber Holdings gave their overwhelming approval for a bailout offer from a familiar face on the Singaporean offshore scene.
The Abdulaziz Ali Al Turki-led Rawabi Holding, a Saudi Arabian offshore engineering giant, offered $200m in exchange for an 80% stake in Swiber Holdings.
The move comes as Swiber Holdings has been under a court-supervised restructuring process since revealing severe financial difficulties back in July 2016.
