Singapore’s Pacific Radiance has revealed a $10.1m exposure to Swiber Holdings, which went into liquidation this week.
Pacific Radiance told investors it expects to make a provision of “doubtful receivables” in its 2016 figures of around $10.1m from Swiber for services rendered.
The Singapore-listed company said it has served Swiber with “several” letters of demand to recover the debts “and will continue to pursue all legal avenues of recovery”.
Swiber is a 25% shareholder in Vallianz Holdings, alongside Saudi Arabia’s Rawabi Holding Co, which owns 18.7% and today said Vallianz’s Middle East business would continue as usual.
Rawabi and Vallianz are partners in the joint venture Rawabi Vallianz Offshore Services (RVOS), which handles Valliaz’s business operations in the Middle East.
“Through RVOS, the group has grown steadily to become one of the largest offshore support vessel providers in the Middle East region where offshore oil and gas activities continue to be vibrant,” said Sheikh Abdulaziz Al Turki, group chairman of Rawabi and chairman of RVOS, in a release.
“With a strong and capable team from Rawabi and Vallianz, we continue to secure new long-term charter contracts in the Middle East from one of the world’s largest national oil companies. We see excellent opportunities for the Group to leverage our superior market position in the Middle East to increase our market share and expand our footprint in this major oil producing region.”