SINGAPORE (June 8): Rawabi Holding Company, a Saudi energy services provider, plans to invest US$200 million (S$278.6 million) in Swiber Holdings, which is under judicial management.

On Monday, Swiber Holdings and its wholly-owned subsidiary Equatoriale Energy has entered into a binding term sheet with Rawabi.

Under the agreement, a new wholly-owned subsidiary, New Swiber, will be incorporated by Swiber Holdings at an issue price of US$10 million, as part of the initial investment. 

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