Swiber shares up on news of US$405m contracts

Singapore

A CONFIDENT Swiber Holdings is still aggressively going after new business while looking to pay down debt and strengthen its balance sheet. It intends to fully pay its S$95 million worth of bonds due in June this year and is considering doing a "term out" for its debt due 2016 and 2017.

The company said this on Thursday after announcing that it had clinched about US$405.6 million worth of new contracts over the past one to two months, including a major US$333 million one that it secured last week from India's state oil company, the Oil and Natural Gas Corporation (ONGC).