Swiber Holdings Acquires Stake in Nigerian Firm

January 21, 2016

Swiber Holding’s wholly owned subsidiary, Swiber Offshore Construction Pte. Ltd., acquired 9,500,000 nil-paid ordinary shares of Nigerian firm Deltatek Offshore Ltd. (DOL) with nominal value of $0.005, or NGN 1.00 each (the Shares), representing 38% of DOL’s entire issued share capital. Following the acquisition, DOL has become an associated company of Swiber.

The aggregate consideration for the acquisition is NGN 9,500,001 (equivalent to approximately $47,679) comprising $0.005 (NGN1.00) paid in cash to the seller of the shares and NGN 9,500,000 as capital injection for DOL as and when DOL calls on the nominal value of the shares. The Consideration for the Acquisition was arrived at on a willing-buyer, willing-seller basis.

DOL is incorporated in Nigeria and will be principally engaged in providing offshore engineering, procurement, construction, installation and commissioning services in the sub-Saharan Africa region. Source: Bloomberg