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Singapore offshore stocks hammered in wake of Swiber collapse

Singapore offshore stocks hammered in wake of Swiber collapse
Shares in Singapore offshore vessel owner Vallianz were hammered by investors on Thursday morning in the wake of the collapse of Swiber.

Vallianz’s share price had plunged 41.6% to just SGD0.021 in the first two hours trading on the Singapore Exchange. It was by far the most traded stock with156m shares changing hands more three times the next most traded counter.

Swiber which filed for winding-up on Thursday is a major shareholder in Vallianz. Swiber founder Raymond Goh and executive chairman of Vallianz resigned from the post on Wednesday citing ill health.

The second most heavily traded stock was another offshore player Ezra Holdings, which saw its shares lose 5.3% down to SGD0.053 per share, with 47.6m shares traded.

Other offshore stocks such as Pacific Radiance were also down with it losing 6.25% to SGD0.225 per share.

Swiber sent shockwaves through the market when very early Thursday morning it filed for a winding-up order and appointed provisional liquidators as its top management quit.