Singapore-listed offshore engineering company Swiber Holdings is seeking legal advice after it revealed today that British firm AMTC Ltd has failed to comply with its obligation to make payment on June 29 of the subscription price of $200m for preference shares in its wholly-owned subsidiary, Swiber Investment Ltd (SIL).
SIL is still in discussions with AMTC in respect of the failed transaction, Swiber said in a release.
Last week the company revealed it is facing outstanding letters of demand for a combined $4.76m from unidentified claimants.