Swiber's reply to queries draws flak from critics

Singapore

SWIBER Holdings' reply to Singapore Exchange (SGX) queries relating to recent disclosures and a BT report has drawn flak from critics including NUS Business School's associate professor Mak Yuen Teen.

In a late night announcement on Monday, in response to queries by the SGX on July 21, the O&M group said that its newbuild heavylift vessel, Kaizen 4000, was intended to be deployed for the purpose of a US$21 million contract that has been unilaterally terminated by the client. This was the first time Swiber disclosed the value of the affected contract that was previously announced in an SGX filing with two other project awards.

Swiber said: "No announcement was made ... in respect of such termination because the value of the contract is ... immaterial based on the calculations against the company's annualised revenue, net tangible asse…