Singapore offshore operator Swiber, which sought judicial management last month having earlier announced its liquidation, has said that further claims of over $60m have been received against the company. The total value of claims now stands at around $197m.
Swiber is seeking legal advice on the claims, and the judicial managers continue to look for “serious investors” to save the company from liquidation.
In an offshore Q&A on Splash Chat last week Mike Meade, CEO of offshore broker M3 Marine, said that he felt there would be no buyers for Swiber, and it will have to be asset stripped. The company would need to sell Vallianz (in which it has a 25% stake) as a going concern and watch for collateral damage with the banks.
Swiber’s fate is likely to be decided by October.
