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. 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!