Swiber Appoints New CEO to Lead Group in ‘Challenging Landscape’by
Yeo Chee Neng Resigns as president, CEO and executive director
Claims Received by Swiber Rise to $227 Million as of Sept. 1
Swiber Holdings Ltd., the beleagured Singapore-based offshore oil and gas services group, has appointed John F. Swinden as group president, chief executive officer and executive director to lead the company through what it calls a “challenging landscape” for the global oil and gas sector.
Swinden replaces Yeo Chee Neng, who resigned with effect from Sept. 2, according to a filing with the Singapore stock exchange. Yeo will continue as an adviser and will work closely with the Swiber group and its interim judicial managers, the filing showed.
Swiber appointed KPMG as its interim judicial managers last month after dropping liquidation plans. The arrangement will allow the company to continue operating under court supervision while attempting to turn around the business. This comes as local companies that rely on contracts within the offshore oil and gas market are hit by a collapse in crude prices.
Swinden, who has served as chairman to Swiber’s advisory board of global business development, spearheaded the group’s expansion into Latin America, the company said in the filing. Senior management “wish to affirm that they are fully committed to seeing the group through its present challenges.”
Total claims received by Swiber and its subsidiaries have risen to $227 million as of Sept. 1, up from $135.9 million as of Aug. 19, according to another filing to the stock exchange. The company is currently seeking legal advice on the claims.