Brief: Swiber updates on notices of suspension by Oil and Natural Gas Corporation

Swiber Holdings

19/12/2016 12:28

Dec 19 (Reuters) - Swiber Holdings Limited  SWBR.SI : 
    * Notices Of Suspension By Oil And Natural Gas Corporation 
Limited 
    * Swiber Offshore Construction and Swiber Offshore (India) 
have, throughout course of judicial management of company , been 
engaging with Oil and Natural Gas Corp 
    * SOC and SOI have been requested to suspend all activities, 
if any, for execution of projects under existing contracts 
    * Engagement with respect to arriving at a working 
arrangement to complete certain projects in India 
    * Soc and SOI will be engaging ONGC and other stakeholders 
directly to explore other options to complete projects 
    * Notes execution of projects has been affected by ongoing 
legal actions commenced by certain creditors in India courts 
against ONGC, SOC and SOI 
    * Legal actions have caused delays to project timelines, and 
have prevented ONGC from being able to make payments to complete 
projects 
    * ONGC will be entering relevant sites for projects, taking 
charge of projects and executing balance work 
    * "Actions have caused delays to project timelines, and have 
prevented ONGC from being able to make payments to complete 
projects" 
 
Source text for Eikon:  ID:nSNZbC6Y68  
Further company coverage:  SWBR.SI  
 
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