AsiaOffshore

Swiber Holdings to default again on notes

Singapore offshore operator Swiber Holdings has said it is unable to redeem and pay the upcoming coupon payment for its series 015 S$100m 5.55% notes due on October 10.

The notes part of a S$1,000,000,000 multicurrency debt issuance programme.

Swiber had previously been unable to make payment for the Series 017 CNY450,000,000 7.75% due in September and also missed a coupon payment in August for S$150m 6.5% certificates due 2018.

Yesterday the company, along with subsidiary Swiber Offshore Construction, were given approval by the Singapore High Court to be placed under judicial management. Swiber has been under interim judicial management since July 29, having reversed an earlier decision to go into liquidation.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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