Swiber Holdings News

Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.The JV Company will be held by Hilong Marine Engineering and SOC as to 51% and 49%…

Company struggled with debt in wake of shipping downturn. Debt includes over $270 mln in secured loans. Rickmers Maritime, a Singapore-listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-listed companies from the offshore and marine sectors that have been grappling with debt in the last year. Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as the firms restructure their loans.

Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra  has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.

Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal. The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets. Total claims received by struggling offshore engineering group Swiber Holdings stood at about US$288.8 million as at Dec 29, 2016, the group said in an update filed to the Singapore Exchange.

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent.

Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company. The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct. 18, said it would hold an informal meeting with holders of the notes on Sept. 13 to present KPMG's review and discuss various options in connection with the notes. Marco Polo is one of several companies in Singapore's offshore and marine sector whose financial results have been hit by the slump in oil prices.

Vallianz Holdings, which provides support vessels for the oil industry, said on Wednesday it had refused a request from the judicial managers of shareholder Swiber Holdings to pay around $63.5 million in outstanding dues. Vallianz, in a statement, said Swiber, which owns around 25 percent of Vallianz, owed it a similar amount and that should be taken into account. Oilfield services group Swiber applied last month to place itself under judicial management, rather than liquidation, as it faced hundreds of millions of dollars in debt and a decline in orders.

Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed. Parent company Swiber Holdings last month applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows for a company to be nursed back to health under the supervision of the Singapore Court.

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation. Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows a financially-distressed company the room to return to financial health under the…

Business momentum is fast picking up at Swiber Holdings Limited despite the downturn in the oil and gas industry as the Group clinches a total of US$405.6 million for a series of contracts, including its latest US$333 million contract for Engineering, Procurement, Installation and Construction (EPIC) services in India. The contract in India is the second awarded to Swiber by the same national oil company in just over a month. The project, to commence immediately, involves transportation and installation of submarine pipelines and engineering works and modification of existing facilities. Phase 1 is expected to be completed by the second quarter of 2016 and Phase II, the second quarter of 2017.

Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013. Revenue rose 11.2% to hit US$1.1 billion from US$952.2 million for the full year ended December 31, 2012. The Group’s topline was driven by a 75.3% surge in sales in the South East Asia segment to US$780.8 million from US$445.5 million over the same period.

Construction & support services provider to the offshore oil and gas industry, Singapore's Swiber Holdings Limited (Swiber), announce they have already been awarded 5 sizeable contracts in 2014. Three of these contract, which amounted to approximately US$145-million, were awarded for works that will be executed in Latin America and Southeast Asia. The remaining two contracts, which aggregated to approximately US$90-million, were awarded to Swiber’s associate company and joint venture company, and are for services that will be executed in Southeast Asia.

Singapore's Swiber Holdings construction & support services providers to the offshore oil and gas industry, reported that net profit in the half year ended June 30, 2013 rose 11.8% to US$37.4 million from US$33.5 million in the half year ended June 30, 2012. Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “The first half of this year has seen Swiber making strides in several ways. Notably, Swiber won several quality projects amounting to US$570 million to-date.

Singapore's Swiber Holdings has been awarded subsea contracts in SE Asia worth approximately US$153-million. The contracts, with oil industry majors, mark the first wins in 2013, largely entail transportation and installation of pipelines and offshore structures in Southeast Asia. Work for these contracts are expected to commence immediately with expected completion by 2013. Commented Mr. "According to a market report by Infield Systems, the unprecedented demand for hydrocarbons is forcing national oil companies to increase their investment in pipelines in order to expand the network of connected shallow water gas platforms. Malaysia's National Oil Company…

Offshore construction & services provider Swiber wins SE Asia & Latin America contracts worth altogether about US$ 143-million. The contracts comprise an approximate US$100 million contract for offshore construction work in Southeast Asia; and an approximate US$43 million contract for the charter of a construction vessel that will be deployed to Latin America this year. Work for the US$100 million contract is expected to commence in Q1 2013 with expected completion by Q3 2013. Work for the US$43 million contract win will begin this year, with an option to extend for the next two years. Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber…

Swiber Holdings' tugboat 'Swiber Charlton' fortuitously picked up a Thai man floating in open water 'twixt Vietnam & Singapore. “Swiber Charlton” was on its way back from Vung Tau, Vietnam to Singapore when the crew spotted at a far distance, a man floating but alive, in the open waters of the South China Sea. The vessel closed, a lifebuoy was thrown to him, and the survivor was brought up on the deck where he was quickly administered first aid. He did not incur any serious injuries and was assessed physically well.

Singapore-based offshore energy group Swiber Holdings issues its Q2 & HY 2012 financial report. Swiber Holdings provide offshore construction, offshore marine, subsea & offshore development services. 2Q 2012 highlights: Net Profit surges 66.0% to US$20.9 million Revenue rises 27.1% to US$229.6 million HY 2012 highlights:  Net Profit rose 36.9% to US$33.5 million Revenue increases 28.0% to US$424.0 million Record order book of approximately US$1.6 billion, expected to contribute to Group’s results over the next two years Swiber considers that its strengthened capabilities places them in the big league, well placed for large contract wins.

These awards include offshore construction projects and vessel chartering services in the Asia Pacific region. In addition, it has received a letter of award (“LOA”) through its JV Company to charter out a spread of support vessels in the Middle East. Swiber’s contract wins in the Asia Pacific region include projects for engineering, procurement, and installation of pipelines, umbilicals, and subsea systems; and transportation and installation of wellhead structures and associated pipelines. In addition, the Group will provide vessel chartering services in the region. Work for these projects will commence immediately this year and will carry on into 2014.

Gulf News reports that Singapore-listed marine engineering firm Swiber Holdings plans to increase the size of its fleet in the next three years by adding 19 new vessels. Swiber's fleet expansion is aimed at enhancing its capabilities as a contractor for the offshore industry, the company said. Source: Gulf News