Swiber faces trade claims of US$4.76 m

LISTED offshore marine player Swiber Holdings has received outstanding letters of demand for US$4.76 million owed to trade creditors.

Swiber said after Tuesday trading hours that "all claims (pertaining to the letters of demand) are trade in nature" and were received during "ordinary course of (the) business".

The offshore marine group is seeking legal advice and will take all necessary steps and measures to vigorously defend any claims that are without proper basis. It is confident that it has sufficient resources to satisfy all claims.

The listed group is concurrently evaluating its legal options pertaining to a delayed completion of a preference share subscription for a US$200 million investment in its wholly owned subsidiary, Swiber Investment Limited

The group said on Monday that AMTC Limited, which entered into an agreement on June 9 to subscribe to 1,000 preference shares in Swiber Investment for US$200 million, has requested to postpone the completion of the transaction.

The parent group has turned down the request for extension and sent a letter of demand to the subscriber pertaining to the non-payment of the subscription price.