Vallianz distances itself from Swiber

Singapore

AS Swiber Holdings' financial troubles continue to take a toll on companies and financial institutions linked to the offshore engineering group, Vallianz took pains to distance itself from its largest shareholder.

On Monday, Ling Yong Wah, chief executive officer of Vallianz, which is 25.15 per cent owned by Swiber, said the company has been cutting dependence on Swiber as a key source of revenue.

The provider of offshore support vessels to the oil and gas industry said its US$1.2…