Singapore's Swiber to default on coupon payment

A worker passes a Swiber vessel at their shipyard in Singapore on July 10, 2013.
A worker passes a Swiber vessel at their shipyard in Singapore on July 10, 2013.PHOTO: REUTERS

SINGAPORE (REUTERS) - Troubled Singaporean oilfield services firm Swiber Holdings said late on Friday it was unable to make the coupon payment for its 450 million yuan (S$92.3 million) fixed rate notes due on Sunday.

The company applied in July to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices.