Singapore's Swiber Holdings to Wind Up Company, 3 Senior Executives Resign
Swiber Holdings Ltd., a Singapore-based offshore construction and support services provider to the upstream oil and gas sector, said Thursday in a filing with Singapore Exchange Ltd. (SGX) that it has made an application July 27 to wind up the company.
The step taken by Swiber, one of the larger player in the local offshore sector, is likely to have been caused by the prolonged market downturn arising from low oil prices, industry sources told Rigzone.
"The company's winding up application has been fixed for hearing on Aug. 19," Swiber said in the press release.
Swiber also filed an application to place the firm in provision liquidation. The High Court of Singapore appointed Cameron Lindsay Duncan and Muk Siew Peng of KordaMentha Pte Ltd. as the "joint and several Provisional Liquators of the company."
In a separate filing to SGX Thursday, Swiber reported that the firm and Swiber Offshore Construction Pte Ltd. received Tuesday a statutory demand for $248,500, for which the former has acted as a guarantor of a settlement agreement dated Nov. 4, 2015. Swiber revealed that it has received further letters of demand (including statutory demands).
"The total sum being claimed as of July 26 is approximately $ 25.9 million (including the statutory demand of $248,500 mentioned above) ... The Company is currently seeking legal advice on the statutory demand," Swiber added.
The company made separate filings to SGX to announce the resignations of three senior executives. Francis Wong, who was Swiber CEO until June 20, stepped down as executive chairman and vice chairman. Leonard Tay resigned as executive director and chief financial officer, while Nitish Gupta vacated his executive director post.
Swiber operates a fleet of 51 vessels, comprising 38 offshore vessels and 13 construction vessels.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Malaysia's InvestKL Woos Top Oil, Gas MNCs to Base in Kuala Lumpur
- Petrobangla Invites EOIs for 3 Offshore Exploration Blocks in Bay of Bengal
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M
- TH Heavy Engineering, McDermott End Partnership in Malaysia
- Singapore's NUS Slowly Builds its Petroleum Engineering Program
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension