Swiber Announces Incorporation Of A New Subsidiary Company In Dubai

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Swiber Announces Incorporation Of A New Subsidiary Company In Dubai

News archive - Maritime

Monday, 26 April 2010 07:15

The Board of Directors of Swiber Holdings Limited (the “Company”) and together with its subsidiaries (the “Group”) wishes to announce that Swiber Offshore Construction Pte. Ltd. (“SOC”), a wholly-owned subsidiary of the Company, has incorporated a new wholly-owned subsidiary in Dubai, known as “Swiber Offshore Middle East (FZE)” (“SOME”) with the initial issued and paid up share capital of AED150,000.

The principle activity of SOME is to provide marine offshore services. The above transaction is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and its Group for the current financial year ending 31 December 2010.

None of the Directors or Substantial Shareholders of the Company has any interest in the above transactions, save for their interests arising by way of their directorships in the Company, SOC and SOME.