Swiber drops liquidation plans after talks with major financial creditor

It will be placed under judicial management instead.

After sending shockwaves across the board with its unexpected winding up application, the firm has officially withdrawn its plans to liquidate the firm.

According to a release by Swiber, the board of directors and the provisional liquidators have had discussions with the company’s major liquidator who indicated that they are supportive of an application for the Company to place itself into judicial management instead.

“Today, the Company and its subsidiary, Swiber Offshore Construction Pte Ltd (“SOC”), have taken out applications to place the Company and SOC under judicial management and interim judicial management,” the press release said.

Meanwhile, as a result, the company has applied to discharge the provisional liquidation order and to withdraw the winding up application.