Swiber seeks more time to prepare FY16 results

SWIBER Holdings on Tuesday said in a filing to the bourse operator that it has asked for an extension of up to one month after the judicial management order (JMO) expiry, or Nov 1, to announce its FY16 results.

On Tuesday, the company also asked for an extension of up to two months after the JMO expiry date, or until Dec 1, to hold the 2017 annual general meeting.

The Singapore High Court had previously granted an extension on the validity of orders placing the company and Swiber Offshore Construction in judicial management for a further 180 days from April 4 until Oct 1.

Since Swiber was placed under judicial management on Oct 6 last year, the judicial managers have been engaging with creditors, potential investors and other stakeholders to identify and safeguard property and assets, among other things.

The company said that the judicial managers need more time to review its financial affairs and that the group does not have the financial resources and manpower to prepare and update the financial results.