Swiber Holdings, under judicial management in Singapore since July, has managed to sell one of its older barges, the Sea Horizon.

An entity called WAG SPV I has paid US$10.25m to take on the 1977-built ship. The vessel is currently mortgaged to DBS Bank and the proceeds from the disposal will be used by Swiber to pay down the amounts it owes to its lead creditor.

The vessel is the oldest of Swiber's 11 barges and has been off-hire since this June, as Swiber was unable to pay for urgently needed repair works on it.