Last week’s meltdown of Singapore-based offshore player Swiber Holdings was a shock for many in investment circles.
The company revealed that it was calling in the liquidators, but then changed its mind, announcing that it hoped to go through a court-supervised restructuring.
Given Swiber’s high gearing and the difficult conditions plaguing the offshore sector, followers of shipping markets should have been less surprised at the collapse than many of its public investors, who, it appears, were not sufficiently informed by Swiber of the full problems it faced.
Swiber
