Swiber seeks halt in trading of shares amidst flak from critics

SWIBER Holdings sought a halt in the trading of its shares, pending an announcement.

At 12:36pm, its shares were trading around S$0.109 each, down 0.2 Singapore cent, or 1.80 per cent.

The offshore engineering firm came under some flak from market observers after it dismissed the termination of a US$21 million contract as "immaterial''. Swiber's market value is slightly above S$50 million on Tuesday.

A reader also questioned the circumstances leading to the termination of the contract, details of which remain undisclosed even though Swiber has said it is "disputing such termination".

Readers also took the firm to task over its tardy disclosure of a US$700 million project award, Swiber's first off West Africa.