Swiber Holdings bags 38% stake in Deltatek Offshore worth $68,590

It will be funded by internal resources.

Swiber Holdings’ subsidiary Swiber Offshore Construction Pte Ltd (SOCPL) has nabbed NGN9.5m, or about $68,590, nil-paid shares of Deltatek Offshore Limited (DOL) with a nominal value of NGN1 ($0.01) each. According to the company’s press release, this represents 38% of DOL’s entire issued share capital.

In total, the consideration for the acquisition comprises NGN1 ($0.01) paid in cash, and NGN9.5m ($68,590) as capital injection for DOL.

The stake acquisition will be funded by internal resources, and is not expected to materially impact Swiber Holdings’ FY16 net tangible assets and consolidated earnings per share.

Following the acquisition, DOL will be an associated company of Swiber Holdings. Based on its audited financial statements for the period ended 31 December 2014, DOL’s net tangible asset value was at around NGN4.66m, or about $33,645.