Bridgewater-131 Ship Details and Seafarer Feedback

In a successful auction sale, a marine vessel has been sold for $3.3 million to Kim Heng Marine, a notable company based in Singapore. This acquisition marks a significant transaction in the maritime industry, showcasing the continued interest from Southeast Asian buyers in securing valuable marine assets.

On December 22, three vessels associated with Swiber Holdings were seized in a significant legal maneuver by a consortium of banks in Singapore. The vessels—SWIBER ELSE-MARIE, SWIBER MARY-ANN, and SWIBER ANN-CHRISTINE—were apprehended at ASL Shipyard, following an arrest initiated by United Overseas Bank (UOB). As the security agent for the banking syndicate, UOB acted in response to outstanding mortgage claims exceeding US$43.4 million (S$62.7 million). Reports from The Business Times reveal that 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 system. This setup was intended to facilitate financing through a sale and leaseback agreement with a wholly-owned subsidiary of Swiber Holdings. Under the terms of these agreements, BTO acquired the vessels to lease them back to Swiber, with the charter arrangement spanning nearly a decade. The unfolding situation raises significant implications for the maritime financing landscape.