Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Pacific Radiance exposed to Swiber financial problems

    Company News // August 1, 2016

    Referring to last week's announcement by Swiber Holdings that it is winding up and had made a provisinal application for liquidation, the Board of Directors of Pacific Radiance Ltd have announced that, as a number of Swiber’s related entities are debtors of the company’s subsidiaries, the company is expected to make a provision of doubtful receivables of approximately US$10.1 million in respect of services to Swiber companies.

    The company said it had previously served several letters of demand to Swiber entities for recovery of the doubtful receivables, and will continue to pursue all legal avenues of recovery.

    More articles from this category

    More news