Swiber files to wind up, goes into liquidation as directors resign

Three other directors of the company, vice-chairman Francis Wong (above), chief financial officer Leonard Tay and executive director Nitish Gupta have also quit, Swiber said on July 28.
Three other directors of the company, vice-chairman Francis Wong (above), chief financial officer Leonard Tay and executive director Nitish Gupta have also quit, Swiber said on July 28. PHOTO: ST FILE

SINGAPORE - Mainboard-listed offshore services firm Swiber Holdings has made an application to wind up the company and place it into provisional liquidation, it announced on Thursday (July 28).

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

The winding-up application will be heard in court on Aug 19.

The move comes on the heels of Swiber receiving several letters of demand for about US$25.9 million in total and founder and non-executive chairman Raymond Kim Goh resigning from his position as Vallianz Holdings' chairman and executive director overnight due to "health reasons".

Three other directors of the company, vice chairman Francis Wong, chief financial officer Leonard Tay and executive director Nitish Gupta have also quit, Swiber said on Thursday.

 

Earlier in the week Swiber revealed that a US$710 million project it was contracted for in West Africa had been severely delayed and another in Vietnam cancelled.

 

Trading in Swiber shares, which have a total market value of S$50 million, have been suspended since July 27.

Swiber owns 13 construction vessels and has more than 2,700 employees, it said on its website. In May, it reported a quarterly net loss of US$200,000.