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Singapore offshore company surrenders to oil crisis

Listed Swiber Holdings has become the first influential player in Singapore's offshore sector to give up. The entire management has abandoned the company, which is now being scrutinized by the authorities.

Photo: Ed Wray/AP/POLFOTO/arkiv

Offshore carrier Swiber holdings, which is listed on the Singapore Stock Exchange and according to its own information boasts a fleet of 51 vessels, has entered into recievership. It is the first large company in Singapore's offshore sector to become a victim of the slowdown in the global industry after the company lost much of its order book as a result of cancellations and postponements.

Swiber's entire management has likewise abandoned the carrier. Executive Director and Vice Chairman Francis Wong, CFO Leonard Tay and Executive Director Nitish Gupta have all collectively quit in order to seek out new challenges, writes the Straits Times.

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