Reviews & Ratings for the Bridgewater-130

In a recent auction, a vessel was successfully sold for a remarkable $3.3 million to buyers based in Singapore, specifically the company Kim Heng Marine. This transaction highlights the ongoing interest and investment in maritime assets in the region.

On December 22, three vessels associated with Swiber Holdings were seized in Singapore as part of a legal action initiated by a consortium of banks. The vessels were held at ASL Shipyard, with United Overseas Bank (UOB) serving as the security agent for the lending syndicate that financed the vessel owner in a sale and leaseback arrangement. According to a report by The Business Times, the arrest of the anchor handling tug supply vessels—SWIBER ELSE-MARIE, SWIBER MARY-ANN, and SWIBER ANN-CHRISTINE—was prompted by an outstanding mortgage claim exceeding US$43.4 million (approximately S$62.7 million). Notably, the vessels are owned by Bukit Timah Offshore AS (BTO), a company established in 2008 by RS Platou Finans Shipping AS under the Norwegian KS framework. This structure was intended to facilitate the leaseback transaction, wherein BTO acquired the vessels to lease them to the wholly-owned subsidiary of Swiber Holdings for a duration of nearly ten years under bareboat charters. This incident underscores the ongoing financial challenges faced by Swiber Holdings and its affiliates.