Swiber Holdings *Official* (SGX: BGK)

[dotapro]

http://swiber.listedcompany.com/news.html/id/254411

Swiber Secures Contracts From Oil Majors Worth Approximately US$109 Million

May 23, 2011

up up up?

___________________________________________________________________

 

[starbugs]

Beware that Swiber can be quite selective in releasing information. From my CNA post last month.

I was wondering why Swiber's shares slumped recently despite the contract wins. Turns out Swiber is withholding information from retail investors.

http://news.in.msn.com/business/article.aspx?cp-documentid=5133450

22/04/2011
Swiber moves SC against High Court setting aside its ONGC bid

New Delhi, Apr 21 (PTI) Singapore-based Swiber Offshore Construction today approached the Supreme Court, challenging the orders of the Bombay High court which set aside the USD 125 million contract awarded to it by the country''s largest oil producer ONGC
Swiber Offshore''s petition was mentioned before a bench of Justice V S Sirpurkar and Justice T S Thakur contending that its was the most suitable bidder for the project.
The court asked to list the matter for hearing on Monday.
ONGC had floated a USD 125 million tender for laying a 116.5 km-sub-sea pipeline off the western coast of India and was awarded to the Singapore based firm. It is a part of USD 1.3 billion project taken up by ONGC.
However, the decision was challenged by other bidders including Punj Lloyd Ltd in the High Court. They contended that while awarding the tender, ONGC had ignored some benefits offered by it on price preference.
On April 6, 2010, the court set aside the contract awarded to a consortium led by Swiber Offshore along with Sime Darby of Malaysia.
Major infra companies like L&T, Punj Lloyd and Leighton had participated in the bidding.
The High Court division bench observed that the PSU had declined the price preference to Punj Lloyd merely on the ground of non-submission of a statutory auditor''s certificate in the bid documents.
The court called it "totally unacceptable and arbitrary."
Swiber was the lowest bidder at USD 124.86 million, while Punj Lloyd had mentioned USD 131.32 million.
As per the terms and conditions of the bid, Indian firms were to submit auditor''s certificate along with their price bids in a specific folder in order to take advantage of price preference.
Domestic firms were to given 10 per cent price advantage over foreign firms, provided they execute more than 50 per cent of the project themselves.
Punj Lloyd had, however, submitted it in a separate folder, which resulted in its disqualification from availing price preference over the Swiber consortium.

 

[dotapro]

yup I saw this, can't rmb where i read this from.

 

[JobHunter]

Swiber files to wind up, goes into liquidation as directors resign

SINGAPORE - Mainboard-listed offshore services firm Swiber Holdings has made an application to wind up the company and place it into provisional liquidation, it announced on Thursday (July 28).

The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng as the joint and several provisional liquidators of the company.

The winding-up application will be heard in court on Aug 19.

The move comes on the heels of Swiber receiving several letters of demand for about US$25.9 million in total and founder and non-executive chairman Raymond Kim Goh resigning from his position as Vallianz Holdings' chairman and executive director overnight due to "health reasons".

Three other directors of the company, vice chairman Francis Wong, chief financial officer Leonard Tay and executive director Nitish Gupta have also quit, Swiber said on Thursday.

Earlier in the week Swiber revealed that a US$710 million project it was contracted for in West Africa had been severely delayed and another in Vietnam cancelled.

Trading in Swiber shares, which have a total market value of S$50 million, have been suspended since July 27.

Swiber owns 13 construction vessels and has more than 2,700 employees, it said on its website. In May, it reported a quarterly net loss of US$200,000.

source: http://www.straitstimes.com/business/companies-markets/swiber-goes-into-liquidation-as-directors-resign

The company goes bankrupt liao

below are some of related posts:

http://www.bigfatpurse.com/2016/07/swiber-bankruptcy-what-can-investors-look-to-recover

http://www.rolfsuey.com/2016/07/swiber-winds-up-and-in-liquidation-whos.html

http://investmentmoats.com/stock-market-commentary/swiber-holdings-winding-down-uncertainty-is-not-always-your-best-friend

https://www.fool.sg/2016/07/28/its-the-end-of-the-road-for-swiber-holdings-limited-what-about-its-shareholders/

 

[Wood41]

People are asking :
How a company with a billion order book couldn't pay US$25 million demand ?

 

[hindsight]

People are asking :
How a company with a billion order book couldn't pay US$25 million demand ?

Things aren't that simple. Swiber obtained a crap load of financing for their order book in the last few years but a good 70% of that order book has been cancelled in recent weeks, they now hold hundreds of millions of assets in OSVs and whatnot but these assets are worthless because they cannot get jobs, nobody is going to invest in expensive new offshore fields with oil at $40+.

 

[ccostagmont]

there is this company called nauticawt oso in o&g biz.
juz listed last yr...

saw some updates on their announcement page:

similarity to the swiber - london investment firm saga of delayed injection of cash???



the Company has signed an addendum to the Subscription Agreement
(“Amendment”). The Amendment was requested by HARPS and agreed to by the
Company due to an unexpected development arising in the currency valuations in
one of HARPS’ key markets causing a delay in the remittance of the initial
subscription amount.
The Amendment specifies the following changes the Subscription Agreement;
(i) The New Shares will be issued in two tranches, as follows:
a) 10,000,000 New Shares for a placement consideration of S$1,740,000 to be
issued on or around the 25 August 2016 (“Tranche 1”); and
b) 5,000,000 New Shares for a placement consideration of S$870,000 to be
issued on or around the 25 October 2016 (“Tranche 2”); and
(ii) HARPS will provide a subscription prepayment or commitment payment (where
applicable) on 26 July 2016 of S$174,000 (“Goodwill Commitment”), which shall
be set-off against or applied towards the satisfaction of the consideration for the
New Shares. In the event that the Goodwill Commitment is not set-off as
aforesaid, the Company shall refund it in full to HARPS.

 

[NewInvestor]

Swiber - tio AMDK pwn. Same for nawti I guess.

 

[ccostagmont]

Swiber - tio AMDK pwn. Same for nawti I guess.

so will the o&g counters have domino effect???

the only one i tink is still won't die is surprisingly emas 'cos it has a jv with jippun's chiyoda.
literally, the japanese are propping up the company.

 

[ccostagmont]

btw, for swiber to enter into voluntary judicial mgt, is same outcome rite?

only for the bank to kick the demise of swiber further down the road & no need report as write off in this quarter.

anyone share the same view?
or is it going to turn around & become $1 stock again after judicial mgt?

 

[rick_seah]

I bought swiber using cpfis-oa.
Although suspended, the bank is charging $2.14 per 3 months on this.
Any way around this charge?

 

[Perisher]

I bought swiber using cpfis-oa.
Although suspended, the bank is charging $2.14 per month on this.
Any way around this charge?

Talk to your broker/bank?

 

[sherman1213]

I bought swiber using cpfis-oa.
Although suspended, the bank is charging $2.14 per month on this.
Any way around this charge?

Also can ask them
What if swiber liquidate?
The tax free dividends
The cpf bank gonna charge u service charge too?

蓦然回首 你在渡船口 HardwareZone Forums app

 

[rick_seah]

so after calling the bank who directed me to CPF, who then tried to direct me back to the bank... i finally got offered the answer - repurchase using cash.

Found a old thread on this.
http://forums.hardwarezone.com.sg/80970653-post29.html

Basically need to cough out cash to lock in the losses to avoid the maintenance fees of a suspended stock.

 

[sherman1213]

so after calling the bank who directed me to CPF, who then tried to direct me back to the bank... i finally got offered the answer - repurchase using cash.

Found a old thread on this.
http://forums.hardwarezone.com.sg/80970653-post29.html

Basically need to cough out cash to lock in the losses to avoid the maintenance fees of a suspended stock.

Oh my
Hope u r ok

蓦然回首 你在渡船口 HardwareZone Forums app

 

[Perisher]

so after calling the bank who directed me to CPF, who then tried to direct me back to the bank... i finally got offered the answer - repurchase using cash.

Found a old thread on this.
http://forums.hardwarezone.com.sg/80970653-post29.html

Basically need to cough out cash to lock in the losses to avoid the maintenance fees of a suspended stock.

At least got a solution. Thanks for SIC

 

[Shion]

Default on upcoming redemption and coupon payment of series 017 notes

http://infopub.sgx.com/FileOpen/SHL..._13.09.17.ashx?App=Announcement&FileID=470547

 

[Shion]

http://infopub.sgx.com/FileOpen/SHL...1.10.2017.ashx?App=Announcement&FileID=476117

http://infopub.sgx.com/FileOpen/SHL...1.10.2017.ashx?App=Announcement&FileID=476118

 

[bigbears]

http://infopub.sgx.com/FileOpen/SHL...1.10.2017.ashx?App=Announcement&FileID=476117

http://infopub.sgx.com/FileOpen/SHL...1.10.2017.ashx?App=Announcement&FileID=476118

once it goes into liquidation means GG for shareholders?

 

[Shion]

Swiber seeks revival in power business

Swiber seeks revival in power business

Marine firm aims for diversification by exploring acquisition deal with Aussie entity

http://www.straitstimes.com/business/swiber-seeks-revival-in-power-business

Beleaguered marine firm Swiber Holdings is trying to resurrect itself as a going concern by diversifying into power generation.

It said yesterday that it is aiming to buy out a privately-owned Australian player active in this growing segment.

The deal is among several being pursued by the struggling group's court-appointed judicial managers and senior management since it entered into judicial management last October.

Its acquisition target is Western Australia-based Interlink Power & Energy Holdings, which is involved in projects that supply bridging power using mobile dual-fuel turbines.

The firm has delivered and operated power projects totalling 4,000 megawatts. Its clients include General Electric, Rio Tinto, APR Energy and Repsol.

Swiber has signed a non-binding term sheet for the proposed acquisition of 100 per cent of shares in Interlink through a share swap arrangement. Mr David Ingrames, the firm's chief executive, and chief operating officer Stephen Thurstans - both Interlink founders - were previously engineers with the Royal Australian Navy.

The proposed transaction is subject to certain conditions, including the restructuring of all of Swiber's debts and liabilities, and securing new equity investors to inject up to US$200 million (S$272 million) into the Singapore-listed firm.

Swiber's court-appointed judicial managers and its senior management team led by executive chairman Raymond Goh are especially interested in Interlink's gas-fired power generation solution.

Mr Goh has separately commissioned Swiber's engineers to design a vessel capable of storing and regasifying liquefied natural gas and generating power supply.

A design completed by Swiber's team of engineers and naval architects for a floating liquefied natural gas (FLNG) power plant capable of generating up to 400MW of power has obtained in-principle approval from classification society Burau Veritas (BV) Singapore.

Achieving this certification brings the FLNG plant one step closer to commercialisation.

Swiber is understood to be eyeing demand for gas-fired power in Indonesia and West Africa.

These energy-hungry emerging economies are potential demand centres for small-scale, fast-tracked land-based and floating power generation solutions.

Singapore's leading shipyard groups, Sembcorp Marine and Keppel Offshore & Marine, have also lined up partnerships and developed products targeted at the small-scale power generation market.

Swiber's judicial managers have secured an extension of the judicial management period to Oct 31 next year .

They have also until March 31 next year to table a statement of proposals before the creditors.