Swiber send O&M stocks reeling

Singapore

THE share price of Catalist-listed Vallianz Holdings collapsed on Thursday morning before recovering slightly, while other offshore and marine (O&M) counters fell on shocking news that Swiber Holdings - once a darling in the Singapore oil and gas sector - has filed to wind up and is under provisional liquidation.

Shares of Vallianz, in which Swiber holds a 25.15 per cent stake, hit a day's low of 1.6 Singapore cents barely an hour after markets opened, before rising to a high of 2.5 cents in the afternoon. The stock finished 1.5 cents or nearly 42 per cent lower at 2.1 cents on Thursday.