Swiber claims surge to $288.8m

Swiber claims surge to $288.8m

Singapore offshore operator Swiber, which sought judicial management late July having earlier announced its liquidation, now has claims against the company totalling $288.8m.

The latest claim indicated that over $60m of new claims against the company have surfaced during the last quarter of 2016 as bad news continues to mount for the company.

In December, three projects it has been working on in India for Oil and Natural Gas Corporation (ONGC) were cancelled while a host of current and former senior management were interviewed by authorities in Singapore as investigators look at whether or not the company fell foul of the republic’s Securities and Futures Act.

Meanwhile, Singapore’s Business Times reports that three vessels on charter to Swiber, owned by a vehicle set up by RS Platou Finans Shipping under the Norwegian KS system, have been arrested in Singapore at the request of United Overseas Bank.

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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