Swiber

[Enye]

i was thinking abt a million shares, but u rejected my loan application of 700K 

 

this type of loan i think only dbs will grant you

 

[Wyfitms]

this type of loan i think only dbs will grant you

 

 

i asked dbs already. they told me no $150million loan no talk

 

i don't need so much lah 

[Blueray]

Fund vacuum last straw as Swiber bites the dust

.....

But there was another twist to come: Insiders told The Straits Times yesterday that it was DBS, one of the largest lenders to Swiber, that had pressured the company to withdraw its liquidation bid late last Friday and put itself under judicial management (JM) instead.

 

"DBS would have taken a huge hit on their books if Swiber went through liquidation," an analyst with a local brokerage said. "Under a JM, Swiber would have 180 days to address some of the debt and sell assets at an orderly pace."

 

One key pressure point behind Swiber's initial decision to liquidate was the failure of a preferential share placement to London-based private equity firm AMTC.

 

The firm was to have bought US$200 million preference shares in Swiber unit Swiber Investment, a move that would have provided much-needed liquidity for the company to stay afloat. Swiber on July 11 said it had failed to get a US$200 million equity injection from AMTC.

.....

http://www.straitstimes.com/business/companies-markets/fund-vacuum-last-straw-as-swiber-bites-the-dust

 

 

[Celicar]

Fund vacuum last straw as Swiber bites the dust

.....

But there was another twist to come: Insiders told The Straits Times yesterday that it was DBS, one of the largest lenders to Swiber, that had pressured the company to withdraw its liquidation bid late last Friday and put itself under judicial management (JM) instead.

 

.....

http://www.straitstimes.com/business/companies-markets/fund-vacuum-last-straw-as-swiber-bites-the-dust

 

Isn't this obvious, don't need any insider to say also can guess.

[Enye]

i asked dbs already. they told me no $150million loan no talk

 

i don't need so much lah 

 

take the $150 million and punt on a whole block of reflections at keppel bay

 

like that taiwanese woman with hdb address

 

very satki

 

[Ttl1976]

Coming up liao ... back to previous close ...

pple here very sharp eyes.

who said buy noble yesterday.

 

I buy in more

[Enye]

pple here very sharp eyes.

who said buy noble yesterday.

 

I buy in more

 

you go MBS or RWS play big small faster lah

 

$100 entrance fee just consider as commission for the share transactions

 

[Ttl1976]

you go MBS or RWS play big small faster lah

 

$100 entrance fee just consider as commission for the share transactions

 

Never had any luck in casino thou.

ha ha ha

[Blueray]

Clock ticking for KPMG to find capital for Swiber

 

Pressure is mounting on interim judicial manager KPMG to find new investors to provide critical working capital for troubled oil services firm Swiber Holdings.

 

.....

Swiber itself has no business other than cash and inter-company receivables, so it needs its operational arm - Swiber Offshore Construction (SOC) - to be revived as that is the revenue generator.

 

Mr Goh said the willingness of DBS, the single-largest creditor to both Swiber and SOC, to support the judicial management bid "creates a reasonable probability of (the firm) being rehabilitated".

...

http://www.straitstimes.com/business/companies-markets/clock-ticking-for-kpmg-to-find-capital-for-swiber

 

 

[Wt_know]

it's better for DBS to cut loss?

 

Clock ticking for KPMG to find capital for Swiber

 

Mr Goh said the willingness of DBS, the single-largest creditor to both Swiber and SOC, to support the judicial management bid "creates a reasonable probability of (the firm) being rehabilitated".

 

Edited August 4, 2016 by Wt_know

[Blueray]

it's better for DBS to cut loss?

 

maybe just buying time and hoping oil prices will got back up to US$100.

 

doubt white knight will materialise ... think the sector already has excess capacity issues ... just my 0.02.

[Sabretan]

extract from marketedge......

 

swiber could just be the first....

 

"UOB sees the move as a stall for time to simply delay an “inevitable series of cascade defaults”, which it deems necessary to return the sector to health.  

“While a judicial management order provides temporary relief, it is only valid for 180 days unless extended by the courts,” point out the analysts. They hypothesise that even if oil prices rise, a recovery in earnings is not to be expected as service prices remain depressed, hence preventing the company from repairing its balance sheets.

“As such, a judicial management order only delays the inevitable series of cascade defaults necessary to return the sector to health,” say Foo and Chow.

Based on an analysis of O&M companies within the Singapore space, UOB has identified a number of companies the research house says are “facing significant financial concerns”, as well as the principal bankers for each company:

Swiber Holdings: As of August 1 this year, $205 million of bonds has been redeemed. The company is under judicial management as of July 30. Principal bankers comprise DBS, Maybank, Bank of BAML, Citibank and Deutsche.

Ezra Holdings: Reportedly seeking to raise US$100 million ($134 million) through share sale. It is currently raising capital through divestment of non-strategic assets. Principal bankers are DBS, OCBC, UOB, CIMB, Maybank, DNB Asia, ANZ, SCB and Natixis.

Swissco: UOB says the company’s net gearing is likely to spike up on delivery of liftboat orders under construction at the Triyards. Swissco’s principal bankers are DBS, OCBC and UOB.

Ausgroup: Announced its restructuring plan on June 1 this year. DBS exposure stands at AUD27.7 million, while Ezion exposure is at AUD37.2 million. Ausgroup’s principal banker is DBS. 

KS Energy: The company’s “going concern” assumption is currently being challenged by auditors. Principal bankers are DBS, OCBC, UOB, Maybank, HSBC, SCB and PT Bank Mandiri (Persero).

RH Petrogas: Currently suffering from negative equity. The company has no principal banker identified.

Other companies named by UOB include EMAS Offshore (Principal bankers: DBS, OCBC, RHB, DNB Asia, Natixis, Chinatrust Commercial Bank), Nam Cheong (Principal bankers: DBS, CIMB, RHB),Mencast (Principal Bankers: DBS, UOB) and Loyz Energy (Principal bankers: DBS, OCBC, HSBC)

Foo and Chow do not expect companies within the sector to see their cash flows improving as long as service prices remain depressed, or unless they take “drastic cost-cutting measures” to alleviate the situation.

“The latest string of earnings misses amongst supermajor oil companies will likely keep service prices depressed for longer,” they add."

 

FYI.

[Enye]

noble chiong

 

the MCF punters huat liao

 

congrats!

 

Edited August 4, 2016 by Enye

[Ktglfc]

extract from marketedge......

 

swiber could just be the first....

 

"UOB sees the move as a stall for time to simply delay an “inevitable series of cascade defaults”, which it deems necessary to return the sector to health.  

“While a judicial management order provides temporary relief, it is only valid for 180 days unless extended by the courts,” point out the analysts. They hypothesise that even if oil prices rise, a recovery in earnings is not to be expected as service prices remain depressed, hence preventing the company from repairing its balance sheets.

“As such, a judicial management order only delays the inevitable series of cascade defaults necessary to return the sector to health,” say Foo and Chow.

Based on an analysis of O&M companies within the Singapore space, UOB has identified a number of companies the research house says are “facing significant financial concerns”, as well as the principal bankers for each company:

Swiber Holdings: As of August 1 this year, $205 million of bonds has been redeemed. The company is under judicial management as of July 30. Principal bankers comprise DBS, Maybank, Bank of BAML, Citibank and Deutsche.

Ezra Holdings: Reportedly seeking to raise US$100 million ($134 million) through share sale. It is currently raising capital through divestment of non-strategic assets. Principal bankers are DBS, OCBC, UOB, CIMB, Maybank, DNB Asia, ANZ, SCB and Natixis.

Swissco: UOB says the company’s net gearing is likely to spike up on delivery of liftboat orders under construction at the Triyards. Swissco’s principal bankers are DBS, OCBC and UOB.

Ausgroup: Announced its restructuring plan on June 1 this year. DBS exposure stands at AUD27.7 million, while Ezion exposure is at AUD37.2 million. Ausgroup’s principal banker is DBS. 

KS Energy: The company’s “going concern” assumption is currently being challenged by auditors. Principal bankers are DBS, OCBC, UOB, Maybank, HSBC, SCB and PT Bank Mandiri (Persero).

RH Petrogas: Currently suffering from negative equity. The company has no principal banker identified.

Other companies named by UOB include EMAS Offshore (Principal bankers: DBS, OCBC, RHB, DNB Asia, Natixis, Chinatrust Commercial Bank), Nam Cheong (Principal bankers: DBS, CIMB, RHB),Mencast (Principal Bankers: DBS, UOB) and Loyz Energy (Principal bankers: DBS, OCBC, HSBC)

Foo and Chow do not expect companies within the sector to see their cash flows improving as long as service prices remain depressed, or unless they take “drastic cost-cutting measures” to alleviate the situation.

“The latest string of earnings misses amongst supermajor oil companies will likely keep service prices depressed for longer,” they add."

 

FYI.

 

 

Domino effect may occur ... hopefully these companies can survive, else don't know how many rice bowls will be smashed ...

[Ttl1976]

noble chiong

 

the MCF punters huat liao

 

congrats!

 

sold noble liao.

managed to earn some loose change for my lunch today.

 

ha ha ha

[Kusje]

noble chiong

 

the MCF punters huat liao

 

congrats!

 

 

not they huat la.

 

noble chiong because MCF guys push up the price.

[Throttle2]

Whatever it is, one thing for sure over my last 20yrs of investing.

 

It is much tougher to acheive the same level of returns with the same level of risk in today's world.

At this moment i am probably only acheiving half the performance i use to achieve while assuming as much risk as before.

[Little_prince]

Clock ticking for KPMG to find capital for Swiber

 

Pressure is mounting on interim judicial manager KPMG to find new investors to provide critical working capital for troubled oil services firm Swiber Holdings.

 

.....

Swiber itself has no business other than cash and inter-company receivables, so it needs its operational arm - Swiber Offshore Construction (SOC) - to be revived as that is the revenue generator.

 

Mr Goh said the willingness of DBS, the single-largest creditor to both Swiber and SOC, to support the judicial management bid "creates a reasonable probability of (the firm) being rehabilitated".

...

http://www.straitstimes.com/business/companies-markets/clock-ticking-for-kpmg-to-find-capital-for-swiber

 

 

think DBS need to lend swiber more money