Upset over Swiber Holdings' disclosures ... or lack of

IF the intent of the underlying tone of Swiber Holdings' adverse announcements following its July 4 share trading halt was to reassure the market, the offshore and marine group could not have veered further off the mark.

BT has received letters from readers appealing for the paper to air their misgivings relating to its announcements on July 8 and July 11. The crux of their concerns is late announcements and lack of details in what they perceive as material disclosures.

The first announcement they refer to is that on July 8 when Swiber said that a US$710 million offshore field development off West Africa that was first announced as a project award to the company on Dec 15, 2014 was deferred due to "weakness in the oil and gas sector".