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Swiber makes stunning liquidation U-turn, goes into judicial management

Swiber makes stunning liquidation U-turn, goes into judicial management

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Singapore offshore operator Swiber Holdings has completed a dramatic week of twists and turns by announcing it will not be going into temporary liquidation as announced on Thursday and that a winding up application has been withdrawn.

Swiber said that after meeting with creditors it was decided to place the company under judicial management instead of liquidation, giving it a chance to rehabilitate.

The move will at least provide some stability for Vallianz Holdings. Despite issuing a statement claiming it was business as usual, the company suffered from a drop of over 40% in its share price on Thursday, mainly due to Swiber holding a 25% stake in the company.

Swiber also revealed that it has received further claims of around $24.6m, bringing the total amount of claims it has received to over $50m.

There was no indication given on when Swiber shares would resume trading on the Singapore Exchange.

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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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