Swiber Names John Swinden as CEO, Hopeful of Completing Ongoing Projects
Singapore's Swiber Holdings Ltd. and its Interim Judicial Managers (IJMs) appointed John F. Swinden to replace Yeo Chee Neng as the company's group president, CEO and executive director after the latter's resignation on Sept. 2.
Swinden, an industry veteran with more than 4 decades of experience in leading and growing marine offshore construction businesses, has served the firm in various senior capacities since 2011.
As Chairman to the Advisory Board of Global Business Development, he spearheaded its expansion into Latin America and oversaw a $273 million project for Mexico's Pemex – the largest gas line installed offshore for the client. He also oversaw, in his role as president director for the Group’s Indonesia joint venture, the successful completion of $725 million projects for clients such as Total, Conoco Phillips, Pertamina, Pearl Energy, Santos, and Premier Oil. In addition, he was responsible for the company’s expansion into Europe, Africa and the Mediterranean.
"The Company is confident in Mr John F. Swinden’s ability to lead the Group through the present challenging landscape for the oil and gas sector," according to the press release.
Meanwhile, to ensure continuity and a seamless transition, Yeo will continue to work closely with the company and the IJMs as an Adviser.
On Monday, Swiber said the prospects for saving the financial troubled company hinges on the support from stakeholders and its ability to complete some $1.67 billion worth of secured projects, which could in turn pave the way for a restructuring exercise that the IJMs said would lead to a better outcome for creditors than under a winding up scenario.
In a report filed Friday in the High Court, the IJMs said key stakeholders, including major suppliers, vendors and creditors, have expressed willingness to work with them to support the completion of the ongoing projects. The IJMs noted that Swiber’s key strengths are in the engineering and construction of upstream projects, and completing projects it had already won would be crucial as it would be positive for the recovery of Swiber Offshore Construction Pte Ltd. (SOC).
SOC is Swiber's main operating subsidiary, with a potential order book of around $608 million for projects which it has submitted bids. The key personnel of SOC are still intact and have the necessary experience and credentials to complete these projects.
The IJMs also disclosed that they have so far received 24 expressions of interest, including proposals from potential investors to provide equity/debt financing, asset financing and project financing.
"We are hopeful that the support of the various stakeholders for Swiber to complete ongoing projects together with our proposed restructuring plan, will help turn around the situation and lead to a better outcome for all stakeholders," Bob Yap, Head of Advisory at KPMG in Singapore.
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.
- 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