HONG KONG's Seaspan Corp, which charters a fleet of 112 containerships and counts
many of the leading liner companies as customers, is diversifying into the energy
business with what it called an "opportunistic" investment.
The company said it had
"entered into a binding term sheet for a potential investment of up to US$200
million" in the restructured Swiber Holdings Limited.
Singapore-based Swiber is a publicly
traded Singaporean offshore engineering, procurement and construction business
that owns five maritime vessels.
Singapore's Business Times described the company as "beleaguered."
Seaspan said the deal is expected to be funded in two steps. Seaspan will
provide $20 million in exchange for an 80 per cent economic interest in the
restructured Swiber Group.
In the second step, it would provide
$180 million to be invested in a $1 billion LNG-to-power project under
development in Vietnam in exchange for economic interests in the
project.
Said Seaspan president and CEO Bing
Chen: "We will unlock substantial value."
Mr Bing also said the company will
"continue to invest in and improve operations of our existing
containership leasing business."
Source : HKSG.
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