October 10 - Swiber Holdings, the Singapore based integrated offshore construction and support services provider for shallow water oil and gas field development, has been placed under judicial management while it reorganises its debt.

In Singapore, the high court granted applications by Swiber Holdings and its Swiber Offshore Construction subsidiary to put both companies under judicial management.

The judicial managers should file updates to creditors every six weeks, unless they call meetings within 60 days, according to the court order.

As of October 6, Swiber said the total sum of claims received by the group is approximately USD246.1 million, and added that the company is currently seeking legal advice on those claims.