The Board of Directors of Swiber Holdings Limited and together with its subsidiaries announces that Swiber Offshore Construction Pte Ltd and Kreuz Engineering Ltd, direct and indirect subsidiaries of the Company, have incorporated a new wholly owned subsidiary in Mexico, known as Swiber Offshore Mexico SA DE CV. The initial issued share capital of SOM is 50,000.00 Pesos.
The principle activity of SOM is to engage in engineering, procurement, construction and installation of subsea pipeline.
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 2012.
[mappress] Subsea World News Staff , April 27, 2012; Image: Swiber