Swissco blocks out statutory demand by X-Drill

Swissco said an interim order restraining X-Drill from proceeding with the statutory demand was granted on Tuesday by the Singapore High Court, and subsequently the statutory demand has been withdrawn.

X-Drill issued a statutory demand last month in a bid to claim alleged outstanding charges amounting to $1.85m in relation to services provided by X-Drill to rigs owned by four Swissco units.

Apart from X-Drill’s claims, OSV operator Swissco found itself facing maturing debts amounting to approximately $147.5m between now and 2020 amidst adverse business conditions in the offshore marine segment.

The distressed company has proposed to restructure and is scrambling to claw back $26.1m owed by Tyloo Investment Group over outstanding charter hire, and $5.2m owed by Nanjing East Star Shipbuilding and Jiangsu Skyrun Shipbuilding & Trading in relation to a refund following the rescission of two shipbuilding contracts due to substantial delay in their completion.