S'pore listed offshore firms distance themselves from Swiber

Singapore-listed offshore firms moved to distance themselves from the collapse of Swiber on Thursday saying they were in different sectors.

Both Swissco Holdings and Ezion Holdings issued “general business updates” to the Singapore Exchange in relation to Swiber’s announcement that it would be seeking to be wound-up that sent shockwaves through the market.

Both Swissco and Ezion stated they had no business dealings with Swiber and that they were not in the same sector of offshore as Swiber which specialised in engineering, procurement, installation and construction (EPIC).

Swissco stated that it was an owner and operator offshore rigs and vessels, and Ezion a provider of service rigs.

Ezion closed down 8.7% at SGD0.315 per share on Thursday, while Swissco’s shares were down 17.8% at SGD0.06.

The Singapore offshore market is still reeling from the announcement Swiber very early Thursday morning that it had filed for a winding-up order and appointed provisional liquidators as its top management quit.

Posted 28 July 2016

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Marcus Hand

Editor, Seatrade Maritime News

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