Statutory demand against Swissco by X-Drill withdrawn

SWISSCO Holdings Limited said on Tuesday that a statutory demand from X-Drill Holdings Inc has been withdrawn.

This follows an interim order granted by the High Court on Tuesday restraining X-Drill from proceeding with the statutory demand against Swissco.

The group had on Oct 20 applied to the High Court of Singapore to restrain X-Drill from filing or proceeding with any winding up application against the company on the basis that X-Drill was not a creditor.

X-Drill had issued a statutory letter of demand on Sept 28 for US$1.69 million from the group, alleging that the sum is due in relation to services provided by X-Drill to rigs owned by four Swissco units.