Aug 30, 2016

    Swiber sees claims jump to $268m

    CLAIMS on beleaguered offshore marine group

    Swiber Holdings have ballooned to US$197 million (S$268 million) from US$135.9 million a week ago.

    "The company is currently seeking legal advice on the above claims," said Swiber's interim judicial managers

    in an update to the Singapore Exchange late last Friday night.

    The company has also obtained an extension of time to announce its second-quarter results for the period ended June 30 till Nov 14.

    This is because the interim judicial managers, appointed on Aug 2, need time to review the financial affairs of the company, including the

    status of its projects,

    cashflow positions

    and litigation matters.

    Swiber's application to place itself under judicial management will be heard at 10am on Oct 6 at Court 4A

    of the Supreme Court.