PK AirFinance has arrested the 500-gt anchor handling tug supply vessel Swiber Valiant (built 2007) in Singapore after claiming that its owner, a single-ship entity called Southsea Offshore was in default of loan covenants.
The financier is demanding immediate repayment of $17m still owing on the mortgage.
According to court documents, Southsea is a wholly-owned subsidiary of Swiber International.
The Swiber Valiant is managed and operated by Vallianz Holdings, in which Swiber Holdings owns a large stake.
Swiber
