Swiber: Completed internal restructuring

Singapore five-dollar note Photo by Leslie Shaffer

Swiber Holdings said Tuesday it has completed the internal restructuring of the company as part of the proposed US$200 million investment from Rawabi Holding.

Under the restructuring, the company transferred all the “transfer assets” to New Swiber, the company said in a filing to SGX. The transfer assets included all of the shares in the project owner and PAPE Engineering, for a consideration of US$1.00, and 25 percent of Holmen Heavylift, for US$1.00, the filing said. Some contracts were also transferred, the filing said.

In addition, John Francis Swinden, age 77, resigned as CEO and group president, effective 30 November, a separate filing said, noting he had been appointed to the role in 2016. He will remain a director of the group, the filing said.