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Swiber seeks bond covenant waivers

Swiber seeks bond covenant waivers
Swiber has become the latest offshore marine company to seek waivers on financial covenants from its bondholders.

Singapore-listed Swiber is seeking waivers from interest coverage and finance coverage ratios on a total of seven different bond issues to avoid potential breaches. The plans have to be approved by the by the company’s bondholders.

“To provide for increased operational and financial flexibility in light of the softer market conditions facing the global economy and the oil and gas sector, the group believes that it has to be pre-emptive with respect to its financial management strategies,” Swiber said.

Meetings for consent of bondholders will be held on 19 February.