Singapore’s DBS Bank is moving to take control of a brand new liftboat belonging to bust compatriot Swissco Holdings.
Swissco became the latest Singapore offshore firm to seek judicial management last month.
Swissco, originally an OSV operator, diversified into rigs in mid-2014 just ahead of global oil prices plunging.
Swissco is weighed down by $147.5m in debts with just $1.2m in cash, unable to make key repayments. DBS is among its largest creditors.
The bank has moved to try and take control of the Jinshan 1, a liftboat that was delivered this summer from Triyards Marine.
Swissco’s interim judicial managers said in a release they “are taking advice and considering their options on the notice and will provide further updates as appropriate”.