RESOLUTE Offshore, a wholly-owned subsidiary of Swiber Holdings : BGK 0%, has entered into a non-binding letter of intent with Saudi company Rawabi Vallianz Offshore Services for a proposed disposal of a vessel at US$30 million.

The vessel, known as Swiber Resolute, is a pipe-lay and accommodation work barge built in 2009. It was registered in Panama, and is currently berthed at Sekondi Port in Ghana.

It has a book value and a net tangible asset value of US$122.4 million.

The parties entered into the letter of intent on Monday (Sep 26), and have 15 days from that date to agree on the terms and conditions for executing a memorandum of agreement, Swiber said in a bourse filing on Wednesday.

The company has been placed under judicial management. Singapore’s High Court has granted an interim extension of the judicial management period until Oct 30, 2022. 

Based on an assessment by independent valuer Maersk Broker Advisory Services on Oct 9, 2020, the vessel’s open-market value is between US$42 million and US$46 million. Its orderly liquidation value is estimated to be between US$15 million and US$19 million, and its forced liquidation value, between US$6 million and US$10 million.

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Rawabi Vallianz Offshore Services specialises in providing offshore marine support services. It is 19.8 per cent held by Vallianz Holdings and 80.2 per cent held by Rawabi Energy Company.

Net proceeds from the proposed disposal is expected to go towards partial repayment of the amounts Swiber owes to mortgagees, which will go towards reducing the group’s liabilities.

Trading in Swiber shares has been suspended.