The fall of Swiber

Oil and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests.
Oil and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests. PHOTO: ST FILE

Swiber Holdings announced on July 28 that it had applied to wind up the company. The following day, it placed itself under judicial management.

The offshore services provider reported a quarterly loss of US$200,000 (S$270,000) in May. By late last month, Swiber had received demands for claims of around US$50.5 million.

Share trading has been suspended since July 27. Swiber's woes have raised questions about banks' loan exposure to oil and gas firms. DBS said it has a $700 million exposure to Swiber.

A version of this article appeared in the print edition of The Straits Times on August 06, 2016, with the headline 'The fall of Swiber'. Print Edition | Subscribe