
Swiber fiasco rankles Singapore's offshore and marine hub status
Energy firms hurt as explorers slash spending.
With a market value of S$50 million ($37 million), Swiber Holdings Ltd. hardly seemed the kind of company to cause a ripple in the financial markets, according to Bloomberg. Yet, the near-liquidation of the penny-stock firm has set off tremors in Singapore’s banking and energy industries.
The Singapore-based supplier to offshore oil and gas explorers, facing about $50.5 million of demands last month from various creditors, said July 29 that it seeks to operate under court supervision as it attempts to turn around its business.
Read the full report here.