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.

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