Singapore’s Swiber to wind up

Singapore’s offshore services company Swiber Holdings has made an application to wind up the company following demands from creditors. 

The company said it made an application to Singapore’s High Court on Wednesday, July 27, 2016, with the hearing set for August 19, 2016.

Additionally, the company had also filed an application to place the company in provisional liquidation.

The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng, care of KordaMentha Pte Ltd, as the joint and several provisional liquidators of the company.

Following the wind up application, Swiber said on Thursday, July 28, that its Executive Director And Vice Chairman Francis Wong, Executive Director And Group Chief Financial Officer (CFO) Leonard Tay, and Executive Director Nitish Gupta, all resigned from the company.

A day later, on July 29, the company said that there was an ‘error’ in the announcement relating to Tay’s resignation as he remains as the Group Chief Financial Officer. The company further clarified that Wong, Tay and Gupta continue to remain as directors of certain subsidiaries of the company.

The company in July received two letters of demands, one for an aggregate amount of $4.76 million, and the other for a sum of $248,500.

Swiber sank to red in the first quarter of 2016 as it reported a net loss of $0.2 million, compared to a profit of $70,000 in the 1Q 2015.

The company’s total borrowings at March 31, 2016 increased to $1,020.3 million compared with $1,016.8 million at December 31, 2015.

Offshore Energy Today Staff