Singapore offshore operator Swiber, which sought judicial management late July having earlier announced its liquidation, has revealed that claims against the company continue to mount and have now reached $227m.
While the judicial managers continue to look for “serious investors” to save the company from liquidation, it has also been announced that Darren Yeo Chee Neng, the group president and CEO as well as executive director, has resigned with effect from September 2.
Swiber said in a statement that Yeo, who landed the role just weeks before the company went bust, will “continue to work closely with the group and the interim judicial managers as an adviser”.
Prior to his promotion to the president and CEO role, Yeo had served as deputy CEO since January 2015, and was previously the CEO of Vallianz Holdings in which Swiber has a 25% stake.
Swiber has appointed John F. Swinden to replace Yeo with immediate effect. Swindon, 71, has worked for Swiber in various roles since 2011.