Singapore oilfield services firm Swiber Holdings Ltd filed for liquidation facing hundreds of million of dollars in debt and a decline in orders, becoming the biggest local name to fall victim to the slump in oil prices.
Shares in other oil and gas-related companies dropped on the news, with the sector hard hit by a combination of weak oil prices, tumbling charter rates and clients either delaying or cancelling projects.
Swiber’s shares have slumped by nearly 90% since mid-2014, taking its market value to just S$50mil, while the company has flagged delays in orders, raising concerns and sparking demands for cash.
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Shares in other oil and gas-related companies dropped on the news, with the sector hard hit by a combination of weak oil prices, tumbling charter rates and clients either delaying or cancelling projects.
Swiber’s shares have slumped by nearly 90% since mid-2014, taking its market value to just S$50mil, while the company has flagged delays in orders, raising concerns and sparking demands for cash.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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