Swiber buys shipyard

Singapore-based Swiber Holdings Limited has acquired 100% issued share capital of North Shipyard (Pte) Ltd for $6.8 million. Swiber describes itself as a “niche service provider” to the offshore industry and is an integrated offshore engineering, procurement, construction, installation and commission (“EPCIC”) contractor with supporting in-house offshore marine capabilities.

North Shipyard is a 2.4 hectare shipyard situated in Tuas Crescent, Singapore, with an experienced management team and workforce of approximately 90 men. The 124 m water frontage yard has a two storey main building and a single storey workshop with three-storey office annex. Facilities include a slipway, wharf and working yard.

The shipyard will primarily serve as a marine base to support the repair and maintenance work for Swiber’s growing fleet of marine support and construction vessels. The site will also be utilized as a base for the conversion and construction of vessels.

“With the acquisition of North Shipyard, Swiber achieves vertical integration by extending our capability to include R&M and conversion and construction of vessels,” said Raymond Goh, Swiber’s Executive Chairman and CEO. “Having control over our own marine base insures our vessels against any possible downtime while improving logistical efficiency. All these translate into greater control over project coordination.”