Swiber forms Mexican subsidiary

Singapore’s Swiber Holdings Limited has established a new subsidiary in Mexico.

The offshore marine services company said that together with its subsidiaries Swiber International Pte. Ltd. (“SIPL”) and Swiber Offshore Construction Pte. Ltd. (“SOCPL”), it had incorporated a new wholly-owned subsidiary in Mexico, known as Tuscan Marine, S.A. de C.V. SOFOM E.N.R. (“TM”). The initial issued share capital of TM is 50,000 Mexican Pesos.

The company said  that Tuscan Marine is principally engaged in leasing activities, without providing much detail.

Swiber said that the 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 2014.