Singapore rig services firm Swissco unable to pay interest on $100m bond

The firm's debt amounts to $221.6m as at end-June.

Swissco Holdings, which provides rig and vessel chartering services, said it would not be able to pay interest on a S$100 million ($73 million) note, the latest Singaporean firm in the offshore services industry to disclose debt woes.

Swissco said it was not able to make a coupon payment of about S$2.9 million due on Oct. 16 on a 5.7 percent note maturing in 2018. But it said it expects to be able to fund current operations from cash and revenue as well as possible asset disposals.

Singapore's offshore and marine industry has been pummelled as clients cut spending on the slide in oil prices. Oilfield services firm Swiber Holdings, which initially filed for liquidation, gained court approval last week to place itself under judicial management.

Here's more from Reuters.