Seaspan Diversifies as it Steps In to Take Control and Save Swiber

By Mike Wackett (The Loadstar) - Seaspan, the world’s largest non-operating containership owner, has announced its first significant investment outside the sector, suggesting it intends to diversify its business model. The New York-listed lessor, with an operating fleet of 112 ships, said it planned to invest up to $200m in the restructured Singapore-based oilfield services … [Read more...]

Singapore Court Grants Judicial Management to Swiber

By David Yong (Bloomberg) -- Swiber Holdings Ltd., the Singapore-based firm that roiled the local bond market when it defaulted in August, has been put under judicial management while it reorganizes debt. The high court in the city-state granted applications by Swiber Holdings, which helps build offshore oil platforms, and by its unit Swiber Offshore Construction Pte to … [Read more...]

Swiber Says Managers See ‘Reasonable Prospect’ to Save Firm

By Chanyaporn Chanjaroen (Bloomberg) -- Swiber Holdings Ltd. said its court-appointed managers have indicated a “reasonable prospect” of saving the Singaporean energy-services company from its debt burdens. Major suppliers, vendors and creditors are willing to work with the managers KPMG to help the troubled firm complete its ongoing projects, Swiber said in an … [Read more...]

More Swiber Fallout as Debt Panic Hammers Singapore Banks

By Jonathan Burgos (Bloomberg) -- The recent drubbing in Singapore bank stocks is turning Southeast Asia’s biggest lenders into bargains for money managers including Aberdeen Asset Management Plc. DBS Group Holdings Ltd. lost S$3.6 billion ($2.7 billion) in market value in seven days from July 28 when its client Swiber Holdings Ltd. signaled it was in financial trouble. … [Read more...]

Swiber Troubles Show Urgency Needed in Fixing Debt, Adviser Says

By David Yong and Andrea Tan (Bloomberg) -- Singapore’s offshore oil services companies and marine engineering firms are leaving it too late to reorganize finances to survive an industry slump, raising the risk of steep losses on their bonds, a debt restructuring consultancy said. The lack of urgency means lenders have time to take on more security for their loans, … [Read more...]