+- +-


Welcome, Guest.
Please login or register.
Forgot your password?

+-Stats ezBlock

Total Members: 51
New This Month: 0
New This Week: 0
New Today: 0
Total Posts: 14055
Total Topics: 268
Most Online Today: 6
Most Online Ever: 137
(April 21, 2019, 04:54:01 am)
Users Online
Members: 0
Guests: 1
Total: 1

Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 5789 times)

0 Members and 0 Guests are viewing this topic.


  • Administrator
  • Hero Member
  • *****
  • Posts: 31053
  • Location: Colchester, Vermont
    • Renwable Revolution

Offshore Services Firm Goes Bankrupt

Published at 03:20PM - 28/07/16
Swiber Holdings Limited, an offshore services company based in Singapore, has made an application to wind up the company following demands from credits.

The company also filed an application to place it in provisional liquidation, media sources reported.

“While business sentiment in the oil and gas industry remains depressed, the Group believes that the impact on shallow water field development and production activities, where Swiber is an established provider, will be lower,” the company’s Group President, Darren Yeo, had said in its first quarter results report.

Offshore Services Firm Goes Bankrupt

The company announced it made the application to Singapore’s High Court on Wednesday and the hearing is set for August 19, 2016.

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

Following the application, the company’s Executive Director and Vice Chairman Francis Wong, Executive Director and Group Chief Financial Officer (CFO) Leonard Tay and its Executive Director Nitish Guptal, all resigned.

In the first quarter of the year, the company reported a net loss of US$200,000, while the Group revenue rose by 16% compared to the first quarter of 2015, mainly due to new contracts secured in the last 12 months despite depressed market conditions.

2,700 Oil Workers Left Jobless

Swiber is a global provider of engineering, procurement, installation and construction (EPIC) services to the offshore industry.

According to Swiber’s 2015 annual report, the company has nearly 2,700 employees worldwide and some 10,250 shareholders, a total of US$1.43 billion in liabilities and total assets of US$1.99 billion.

The company owns 51 vessels, but it is not certain whether it will be able to convert these into cash given the current downfall in oil prices.

Across the industry, the pace of bankruptcies is picking up, especially in the US, where 11 oil and gas firms had filed for bankruptcy this year, until May.

According to analysts, more bankruptcy filings are expected to take place throughout the year, with approximately a third of global oil and gas firms at risk of insolvency.


Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12


+-Recent Topics

Doomstead Diner Daily by Surly1
November 15, 2019, 05:58:09 am

November 14, 2019, 10:49:05 pm

Comic Relief by AGelbert
November 14, 2019, 10:46:02 pm

🚩 Global Climate Chaos ☠️ by AGelbert
November 14, 2019, 10:08:57 pm

🦕🦖 Hydrocarbon 🐍 Hellspawn Mens Rea Actus Reus modus operandi by AGelbert
November 14, 2019, 02:46:04 pm

Fossil Fuel Propaganda Modus Operandi by AGelbert
November 14, 2019, 02:25:15 pm

Corruption in Government by AGelbert
November 14, 2019, 12:57:24 pm

Corporate Profits over Patient in the Health Care Field by Surly1
November 14, 2019, 06:17:01 am

Electric Vehicles by AGelbert
November 13, 2019, 11:21:12 pm

Fossil Fuels: Degraded Democracy and Profit Over Planet Pollution by AGelbert
November 13, 2019, 09:08:25 pm