Troubled Swiber Holdings' CEO quits

Troubled Swiber Holdings' CEO quits

Resignations continue at beleaguered offshore services firm Swiber Holdings, the latest being that of Mr Yeo Chee Neng as group president, chief executive and an executive director of the company.

Claims against the company, which has gone under judicial management, have risen to US$227 million (S$309 million) as of last Thursday, up from US$197 million a week earlier, it said in a Singapore Exchange filing. It is consulting lawyers on the claims.

Mr Yeo, 48, resigned from all appointments in the group with effect from Friday to pursue personal interests, the company said.

He had been chief executive since November 2004. "In the interests of continuity and to ensure a seamless transition, (Mr Yeo) will continue to work closely with the group and interim judicial managers as an adviser to the group," the company said.

Mr John F. Swinden, president of Europe, Mediterranean and Africa at Swiber Holdings, will take over Mr Yeo's positions. Mr Swinden, 71, who lives in the United Kingdom, "is an industry veteran who brings more than four decades of experience in leading and growing marine offshore construction business", Swiber Holdings said.

He previously spearheaded the group's expansion in Latin America and oversaw a US$273 million project for Mexican national oil company Pemex - the largest gas line installed offshore for this client, the company noted.

As president director of the group's Indonesia joint venture, he oversaw the successful completion of US$725 million of projects for clients, including Total, Conoco Phillips and Pertamina.

Mr Swinden has also been responsible for the group's expansion in Europe, Africa and the Mediterranean, the company said.

Mr Yeo's resignation comes after resignations in late July by group vice-chairman Francis Wong and executive director Nitish Gupta, who are still directors of some company subsidiaries.

Swiber's board of directors now comprises chairman Raymond Kim Goh, Mr Swinden, director Jean Pers, lead independent non-executive director Yeo Jeu Nam, and independent non-executive directors Oon Thian Seng and Chia Fook Eng.

This article was first published on Sep 05, 2016.
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