Singapore’s stock exchange has handed Swiber Holdings a public reprimand for the second time in less than two months.
In a regulatory announcement, the Singapore Exchange (SGX) criticises the offshore vessel owner for potentially breaching listing rules.
Swiber is accused of misreporting the news about a $710m contract from Royalgate Energy for work in Africa.
Although the two parties had only signed a letter of intent (LOI), Swiber included the value of the contract in its orderbook.
SGX said: “SGX is of the view that the announcement is not balanced and fair as Swiber presented favourable possibilities as certain, or as more probable than is actually the case.
“The announcement failed to disclose the material conditions that are pre-requisites to the progress of the project and recognition of revenue by Swiber.”
SGX had issued a similar letter to Swiber in mid-September and asked the company to explain why action should not be taken against it.
Meanwhile, the restructuring offshore owner is also facing financial problems as it was unable to pay interest on a $115m bond issue earlier in October.
