Swiber's diversification plan will need to quell many concerns
For instance, what can creditors gain from the proposed Interlink acquisition and diversification into power generation business?
Add BT as a preferred sourceTHe signs are telling one year after Swiber Holdings entered into judicial management: the erstwhile stock market darling whose fall-from-grace triggered a sell-off on Singapore Exchange, needs to find another anchor business beyond offshore construction to stay viable.
Just one of its four vessels left on its fleet is working off Mexico. All other vessels it once operated were either released back to mortgagees, seized by secured creditors or sold for cash.
Its court-appointed judicial managers from KPMG acknowledged that offshore construction contracting activity would not pick up until 2019, the earliest.
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