Swiber to wind up, biggest Singapore casualty of oil slump

SINGAPORE: 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.