Swiber Holdings

Singapore studies tightening bonds, REITs regulation

(Aug 7): Singapore is examining ways to tighten regulation of retail bond issues and the real estate investment trust sector as it steps up investor protection in the city-state.

The Singapore Exchange’s regulatory arm, SGX RegCo, will create a working group to review and improve disclosures relating to retail bonds, SGX RegCo's Chief Executive Officer Tan Boon Gin said in a statement setting out his organisation’s goals for the remainder of the year.

Swiber creditors give nod for proposed restructuring with Seaspan

SINGAPORE (May 30): Creditors of Swiber Holdings and its main subsidiary, Swiber Offshore Construciton (SOC), have approved a restructuring proposal which the group says will take it one step nearer to implementing a restructuring with equity investment from Seaspan Corporation.

The news comes nearly three years after Swiber Holdings filed for insolvency.

Seaspan to invest up to US$200 mil in Swiber Group

SINGAPORE (Oct 3): Seaspan Corporation, one of the world’s largest owners and operators of containerships, has agreed to a proposed US$200 million investment deal that could pave the way for the recovery of Swiber Holdings.

On Wednesday, Seaspan and Swiber, the SGX-listed offshore construction and services group, signed a binding term sheet on Wednesday.

Under the terms, Seaspan will invest up to US$200 million in two stages.

Vallianz's controlling shareholder Rawabi lifts stake to 41.2% after rights cum warrants issue

SINGAPORE (Dec 28): Vallianz Holdings' controlling shareholder Rawabi Holding Company Limited (RHCL), now owns a 41.2% stake in the company from 14.8% previously immediately after the completion of its rights cum warrants issue.

In total, Rawabi subscribed for its entitlement of 672 million rights shares with 1.34 billion warrants, as well as 2.37 billion excess rights shares with 4.7 billion warrants, says Vallianz in a Wednesday night filing.

Ezion suspends shares, seeks restructuring

SINGAPORE (Aug 14): Singapore-based oil services company Ezion Holdings said trading in its shares would be suspended temporarily as it is in talks with stakeholders such as bank lenders and creditors about its financing and capitalisation structure.

The company, which owns a fleet of liftboats, said it is reviewing its options to strengthen its financial position and preserve value for its stakeholders.

Singapore's offshore and marine industry has been hit by low oil prices, weak charter rates and delays to projects, forcing many firms to restructure debt and cut costs.

GSS Energy seeks to be valued as O&G play

This article appears in Issue 783 (June 12) of The Edge Singapore which is on sale now

Kim Heng O&M acquires 3 AHTS vessels from Swiber for $13.3 mil

SINGAPORE (June 12): Kim Heng Offshore & Marine has acquired three 10,800 bhp Anchor Handling Tug/Supply (AHTS) vessels for a consideration of US$9.6 million ($13.3 million).

Kim Heng says the downturn of the oil and gas industry has enabled the group to acquire the assets at extremely low valuations.

Previously owned by Swiber Holdings, which is under judicial management, the vessels were valued at US$33 million per vessel.

Rickmers Maritime becomes latest Singapore casualty of debt woes

SINGAPORE (April 12): Rickmers Maritime, the 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.

Will Ezra go the way of Swiber?

Ezra Holdings

SINGAPORE (Feb 17): Local offshore services provider Ezra Holdings is struggling to stay afloat as it faces mounting debt, defaults and a winding-up petition.

If it folds, Ezra will be the third Singapore offshore company to succumb to the collapse in oil prices.

Last year, Swiber Holdings and Swissco Holdings were put under judicial management after running out of cash to repay its bond holders and debtors.

Yet, Ezra is not alone.

Singapore defaults seen as bellwether for Asia distress in 2017

(Dec 28): Singapore’s commodities-related defaults could turn out to be the canary in the mine.

Despite a modest rebound in resource prices, restructuring specialists including KPMG and Hogan Lovells Lee & Lee see more Asia-Pacific commodities and shipping companies being pushed into delinquency. Law firm DLA Piper said there could be choppy waters ahead on rising interest rates and President-elect Donald Trump’s overhaul of trade with China.

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