Vallianz requests trading halt

 A worker passes a Swiber vessel at their shipyard in Singapore. Vallianz provides support vessels for the oil industry.
A worker passes a Swiber vessel at their shipyard in Singapore. Vallianz provides support vessels for the oil industry.PHOTO: REUTERS

SINGAPORE - Vallianz Holdings requested a trading halt before markets opened on Monday (Sept 5) "pending release of announcement", it said in a filing to the Singapore Exchange.

Vallianz, which provides support vessels for the oil industry, said last Wednesday (Aug 31) that several of its entities had recently received letters from the interim judicial managers of Swiber Holdings and its subsidiary, Swiber Offshore Construction (SOC), asking for payments totalling about US$63.5 million (S$86.5 million), which they said was owed.

Vallianz said last week its entities have declined to pay the amounts, saying that the Vallianz Group and the Swiber Group have long had the practice of extending credit to each other with no fixed term of repayment, and eventually netting off any receivables and payables between the two. It went on to say that receivables owed by Swiber to the Vallianz Group must be taken into account in return.

Vallianz also said then that it was awaiting a response from Swiber's interim judicial managers and would make further announcements when appropriate.