1. Singapore’s Swiber files to wind up company, hit by oil slump

Singapore’s Swiber files to wind up company, hit by oil slump

Singapore oil field services firm Swiber Holdings Ltd said it had filed an application to wind up the company and a Singapore court had appointed provisional liquidators...

By: | Singapore | Published: July 28, 2016 9:13 AM
 Swiber Holdings, which has a market value of S million ( million), had asked for trading in its shares to be halted since Wednesday afternoon. (Reuters) Swiber Holdings, which has a market value of S million ( million), had asked for trading in its shares to be halted since Wednesday afternoon. (Reuters)

Singapore oil field services firm Swiber Holdings Ltd said it had filed an application to wind up the company and a Singapore court had appointed provisional liquidators, the latest local casualty of the slump in oil prices.

“The company’s winding-up application has been fixed for hearing on 19 August 2016. Additionally, the company had also today filed an application to place the Company in provisional liquidation,” Swiber said in a statement to the Singapore Exchange late on Wednesday.

It did not give any reasons behind the move. Swiber Holdings, which has a market value of S$50 million ($37 million), had asked for trading in its shares to be halted since Wednesday afternoon.

Local oil field services companies have been burdened by weak oil prices, which have strained their liquidity and led to order cancellations in the industry.

Swiber owns an operating fleet of 13 construction vessels, with more than 2,700 employees spread across Southeast Asia and other countries, it said on its website. In May, Swiber said it continued to make headway in its turnaround efforts and reported a quarterly net loss of $200,000.

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