AsiaOffshore

Swiber pledges its 25% Vallianz stake to DBS

Photo of Sam Chambers Sam ChambersSeptember 7, 2016
5 Less than a minute

Swiber Holdings has pledged its Vallianz shares to its lead creditor DBS. Swiber, an oilfield services provider, sought judicial management in Singapore at the end of July, causing massive shockwaves among fellow locally listed offshore firms.

Swiber has a 25% stake in OSV firm Vallianz. Vallianz issued a release to the Singapore Exchange today explaining that Swiber has in effect handed its stake to DBS. DBS is owed hundreds of millions of dollars from Swiber.

Last night, Vallianz also announced that it was looking to raise up to S$143.8m ($106.1m) from a proposed rights-cum-warrants issue.

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Photo of Sam Chambers Sam ChambersSeptember 7, 2016
5 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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