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swv001 Member	11-Sep-2016 11:29        swv001 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Rajah Tann says only creditors can get  this report.  Shareholder can not.  You say Bloomberg has a copy, I can not find it. Can you please tell me where it is?  Khoolie      ( Date: 10-Sep-2016 14:10) Posted: have to get from Rajah and Tann. Bloomberg has a copy. swv001      ( Date: 10-Sep-2016 11:21) Posted: This link is not the IJM' s report. Where can I get the IJM' s report which was submitted to the High Court?
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Khoolie Member	10-Sep-2016 14:10        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	have to get from Rajah and Tann. Bloomberg has a copy. swv001      ( Date: 10-Sep-2016 11:21) Posted: This link is not the IJM' s report. Where can I get the IJM' s report which was submitted to the High Court? Khoolie      ( Date: 09-Sep-2016 17:08) Posted: http://swiber.listedcompany.com/newsroom/20160908_172647_BGK_PBG901ORMVL73SJT.1.pdf Quote: " The High Court directed that any creditor who wishes to file an affidavit in relation to the Interim Judicial Managers&rsquo Report shall do so by 16 September 2016. If necessary, the Interim Judicial Managers and/or the Company shall file reply affidavits by 27 September 2016. The Interim Judicial Managers will be submitting a supplemental report to the High Court on 27 September 2016. The supplemental report is to take into account any relevant updates in the meantime, ahead of the hearing of the Applications at 10am on 6 October 2016 in the High Court."
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swv001 Member	10-Sep-2016 11:21        swv001 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This link is not the IJM' s report. Where can I get the IJM' s report which was submitted to the High Court? Khoolie      ( Date: 09-Sep-2016 17:08) Posted: http://swiber.listedcompany.com/newsroom/20160908_172647_BGK_PBG901ORMVL73SJT.1.pdf Quote: " The High Court directed that any creditor who wishes to file an affidavit in relation to the Interim Judicial Managers&rsquo Report shall do so by 16 September 2016. If necessary, the Interim Judicial Managers and/or the Company shall file reply affidavits by 27 September 2016. The Interim Judicial Managers will be submitting a supplemental report to the High Court on 27 September 2016. The supplemental report is to take into account any relevant updates in the meantime, ahead of the hearing of the Applications at 10am on 6 October 2016 in the High Court." swv001      ( Date: 09-Sep-2016 13:43) Posted: Where can I get the IJM' s report?
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Khoolie Member	09-Sep-2016 17:08        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	http://swiber.listedcompany.com/newsroom/20160908_172647_BGK_PBG901ORMVL73SJT.1.pdf Quote: " The High Court directed that any creditor who wishes to file an affidavit in relation to the Interim Judicial Managers&rsquo Report shall do so by 16 September 2016. If necessary, the Interim Judicial Managers and/or the Company shall file reply affidavits by 27 September 2016. The Interim Judicial Managers will be submitting a supplemental report to the High Court on 27 September 2016. The supplemental report is to take into account any relevant updates in the meantime, ahead of the hearing of the Applications at 10am on 6 October 2016 in the High Court." swv001      ( Date: 09-Sep-2016 13:43) Posted: Where can I get the IJM' s report?  franklinfour      ( Date: 09-Sep-2016 10:18) Posted: The IJM report is inaccurate. It states that there are 2 projects USD $310mil and USD $333mil in the pipeline and then consider the value of the total project to be 1.66bn. The start date of the respective projects are Q42015, end date Q4 2017. I would have expected half of the revenue to be collected by now, and the remaining contract value of the project  to have been halved, notwithstanding the damn ' West Africa project' that is ' never proceeding.' If you review the net cashflow of the project (from the previous management), the netcashflow stands at negative 129mil. This clearly signifies that the   management had entered into loss-making projects up until the date of liquidation. For the IJM to succeed, they have to reduce the cash outflow from USD $455mil to USD $308mil. What that constitutes in essence is  1)  Agreement on a mechanism with project owners to free up progress claims expeditiously to support working capital requirements - I will be surprised if any client will wish to work with the IJMs on these premises in a market with hungry contractors bidding for projects. 2) liquidation of vessels  USD $209mil - how then does one have the track record (with the proposed  formation of new entity) and without assets to bid for new projects? 3) receivables from arbitration proceedings - as we know, litigation is a toss in the coin.  4) knock-down of creditors monies in order for project to be completed. For future suppliers to benefit and previous suppliers/vendors to collapse? It seems that the purpose is to close out the existing projects, and help DBS release corporate guarantees. It does not describe how a shareholder, bondholder or credtior can also benefit.
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swv001 Member	09-Sep-2016 13:43        swv001 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Where can I get the IJM' s report?  franklinfour      ( Date: 09-Sep-2016 10:18) Posted: The IJM report is inaccurate. It states that there are 2 projects USD $310mil and USD $333mil in the pipeline and then consider the value of the total project to be 1.66bn. The start date of the respective projects are Q42015, end date Q4 2017. I would have expected half of the revenue to be collected by now, and the remaining contract value of the project  to have been halved, notwithstanding the damn ' West Africa project' that is ' never proceeding.' If you review the net cashflow of the project (from the previous management), the netcashflow stands at negative 129mil. This clearly signifies that the   management had entered into loss-making projects up until the date of liquidation. For the IJM to succeed, they have to reduce the cash outflow from USD $455mil to USD $308mil. What that constitutes in essence is  1)  Agreement on a mechanism with project owners to free up progress claims expeditiously to support working capital requirements - I will be surprised if any client will wish to work with the IJMs on these premises in a market with hungry contractors bidding for projects. 2) liquidation of vessels  USD $209mil - how then does one have the track record (with the proposed  formation of new entity) and without assets to bid for new projects? 3) receivables from arbitration proceedings - as we know, litigation is a toss in the coin.  4) knock-down of creditors monies in order for project to be completed. For future suppliers to benefit and previous suppliers/vendors to collapse? It seems that the purpose is to close out the existing projects, and help DBS release corporate guarantees. It does not describe how a shareholder, bondholder or credtior can also benefit.
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dragonboy76 Master	09-Sep-2016 12:38        dragonboy76 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sadly, the world only operate for the rich, not us
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franklinfour Member	09-Sep-2016 12:26        franklinfour About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not only have these guys pocketed so much money, but they have all disappeared at times of crisis (with bags of monies in their pockets). Look at Nitish Gupta, Leonard and Francis. I don' t know how this Leonard can ' quit' and ' unquit' without EGM and board approval. This Darren disappear and then a 71 year old John comes in to ' save' the company. And of course the biggest crook of all Raymond Goh. If this were an mnc, he would not have survived with the massive losses they built up. As chairman, he controls the board. Oon Thian Seng is a lawyer and he cannot advise them that you cannot announce a project until it is firmly awarded? BT states that the project is only a letter of intent??? for a USD $710mil project to mislead the market? And you have a Yeo guy who is an accountant and lead independent audit chairman. Company running such losses for so many years, borrowing from banks and bond markets and he turn a blind eye to this Raymond Goh deeds.
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pnuklis Master	09-Sep-2016 11:56        pnuklis About Contact  Quote this Post!
x 0   x 0  Alert Admin	Swiber is " Habes" . No JM can save them. Negetive cash flow on every project. Under cutting of the project bids, inability of executing the projects killed the company which had to take on more orders to survive and also borrow more continously. Chairman and the CEO  screwed up the companies performence.
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dead44 Senior	09-Sep-2016 11:51        dead44 About Contact  Quote this Post!
x 0   x 0  Alert Admin	all info canot get ffr main stream m. thanks
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Khoolie Member	09-Sep-2016 11:04        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agree. Which was why i suspected 1.66 billion = 0.33 bils outstanding projects + 0.7+bil (west africa) + 0.6+bil (outstanding bids, not confirmed project wins) Projects in India can only be executed during non-monsoon season Nov-May. Then the revenue will come in. Yesterday news reported that regarding the bank guarantee, they will put it in ONGC account and use for completion of these projects. Means Swiber cannot anyhow touch the fund. The news doesnt say who can complete the projects. Can other parties complete the projects using these funds? But Seamec is also pursuing Swiber India' s debt. Swiber India is not under IJM, therefore cannot block the claim?  ' On Thursday, ONGC and Swiber Offshore India filed consent terms in the court of Justice SJ Kathawalla to settle the dispute. As per the terms, the four bank guarantees will be kept with a designated bank account of ONGC and the money will be used to complete the three projects.' Read more at: http://www.vccircle.com/news/manufacturing/2016/09/08/exclusive-ongc-swiber-settle-dispute-over-bank-guarantee franklinfour      ( Date: 09-Sep-2016 10:18) Posted: The IJM report is inaccurate. It states that there are 2 projects USD $310mil and USD $333mil in the pipeline and then consider the value of the total project to be 1.66bn. The start date of the respective projects are Q42015, end date Q4 2017. I would have expected half of the revenue to be collected by now, and the remaining contract value of the project  to have been halved, notwithstanding the damn ' West Africa project' that is ' never proceeding.' If you review the net cashflow of the project (from the previous management), the netcashflow stands at negative 129mil. This clearly signifies that the   management had entered into loss-making projects up until the date of liquidation. For the IJM to succeed, they have to reduce the cash outflow from USD $455mil to USD $308mil. What that constitutes in essence is  1)  Agreement on a mechanism with project owners to free up progress claims expeditiously to support working capital requirements - I will be surprised if any client will wish to work with the IJMs on these premises in a market with hungry contractors bidding for projects. 2) liquidation of vessels  USD $209mil - how then does one have the track record (with the proposed  formation of new entity) and without assets to bid for new projects? 3) receivables from arbitration proceedings - as we know, litigation is a toss in the coin.  4) knock-down of creditors monies in order for project to be completed. For future suppliers to benefit and previous suppliers/vendors to collapse? It seems that the purpose is to close out the existing projects, and help DBS release corporate guarantees. It does not describe how a shareholder, bondholder or credtior can also benefit.
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dragonboy76 Master	09-Sep-2016 10:37        dragonboy76 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Guys just move on. it' s painful but no choice. Don' t ever think of Swiber making a comeback. whatever you have invested in this counter is gone, all this JM saga is only to delay the bankruptcy while banks and all the business-related companies thinking of how to get back whatever maximum $$ they can get hold of. retail investors take back nothing,
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franklinfour Member	09-Sep-2016 10:18        franklinfour About Contact  Quote this Post!
x 0   x 0  Alert Admin	The IJM report is inaccurate. It states that there are 2 projects USD $310mil and USD $333mil in the pipeline and then consider the value of the total project to be 1.66bn. The start date of the respective projects are Q42015, end date Q4 2017. I would have expected half of the revenue to be collected by now, and the remaining contract value of the project  to have been halved, notwithstanding the damn ' West Africa project' that is ' never proceeding.' If you review the net cashflow of the project (from the previous management), the netcashflow stands at negative 129mil. This clearly signifies that the   management had entered into loss-making projects up until the date of liquidation. For the IJM to succeed, they have to reduce the cash outflow from USD $455mil to USD $308mil. What that constitutes in essence is  1)  Agreement on a mechanism with project owners to free up progress claims expeditiously to support working capital requirements - I will be surprised if any client will wish to work with the IJMs on these premises in a market with hungry contractors bidding for projects. 2) liquidation of vessels  USD $209mil - how then does one have the track record (with the proposed  formation of new entity) and without assets to bid for new projects? 3) receivables from arbitration proceedings - as we know, litigation is a toss in the coin.  4) knock-down of creditors monies in order for project to be completed. For future suppliers to benefit and previous suppliers/vendors to collapse? It seems that the purpose is to close out the existing projects, and help DBS release corporate guarantees. It does not describe how a shareholder, bondholder or credtior can also benefit.
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franklinfour Member	09-Sep-2016 10:11        franklinfour About Contact  Quote this Post!
x 0   x 0  Alert Admin	http://www.tradewindsnews.com/offshore/771056/seamec-reveals-swiber-holdings-exposure Swiber India gone. How to continue projects in India.
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investshare Supreme	08-Sep-2016 20:13        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	I see, thanks for clarifying. Yes it is true that many companies sacrifice profit just to win, long term they may suffer. Khoolie      ( Date: 08-Sep-2016 18:50) Posted: I am sorry if it is considered serious. Just some personal opinion as they always bid with very low price, that others think is impossible to execute those projects at such low price. Hope such price war will not happen in future.  investshare      ( Date: 08-Sep-2016 16:42) Posted: Bro, your last sentence is a serious accusations. Can you share details or fact
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dead44 Senior	08-Sep-2016 20:10        dead44 About Contact  Quote this Post!
x 0   x 0  Alert Admin	so many got sh till canot raise meanfull $. now result in real damageto staff like sswiber case we sh not have free for all shortselling.
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Khoolie Member	08-Sep-2016 18:50        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	I am sorry if it is considered serious. Just some personal opinion as they always bid with very low price, that others think is impossible to execute those projects at such low price. Hope such price war will not happen in future.  investshare      ( Date: 08-Sep-2016 16:42) Posted: Bro, your last sentence is a serious accusations. Can you share details or fact? Khoolie      ( Date: 08-Sep-2016 16:07) Posted: I wonder which vessels they are going to sell. Mostly are old and not worth much. Their flagship Vessel is being detained by China' s yard due to non-payment. This downturn who will buy their vessels. And what property do they have? Their office in Jurong? Sell liao rent elsewhere? KPMG better start the firesale. It will take very long to land a buyer. Why KPMG so confident can get money from arbitration and insurance? The way Swiber complete their projects are so unprofessional as compared with other MNCs, not uncommon they need to enter into arbitration often. They used all sorts of unorthodox method to complete their projects cheaply.
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Khoolie Member	08-Sep-2016 18:32        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yeah you are right! Just founded l that they denied not detained. I also heard that several mths back. But they have not mentioned the wherebouts of the vessel if not detained.  swv001      ( Date: 08-Sep-2016 16:55) Posted: Swiber officially replied SGX' s query that no vessel was detained. How come you say detained? how do you know? please share details. Khoolie      ( Date: 08-Sep-2016 16:07) Posted: I wonder which vessels they are going to sell. Mostly are old and not worth much. Their flagship Vessel is being detained by China' s yard due to non-payment. This downturn who will buy their vessels. And what property do they have? Their office in Jurong? Sell liao rent elsewhere? KPMG better start the firesale. It will take very long to land a buyer. Why KPMG so confident can get money from arbitration and insurance? The way Swiber complete their projects are so unprofessional as compared with other MNCs, not uncommon they need to enter into arbitration often. They used all sorts of unorthodox method to complete their projects cheaply.
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swv001 Member	08-Sep-2016 16:55        swv001 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Swiber officially replied SGX' s query that no vessel was detained. How come you say detained? how do you know? please share details. Khoolie      ( Date: 08-Sep-2016 16:07) Posted: I wonder which vessels they are going to sell. Mostly are old and not worth much. Their flagship Vessel is being detained by China' s yard due to non-payment. This downturn who will buy their vessels. And what property do they have? Their office in Jurong? Sell liao rent elsewhere? KPMG better start the firesale. It will take very long to land a buyer. Why KPMG so confident can get money from arbitration and insurance? The way Swiber complete their projects are so unprofessional as compared with other MNCs, not uncommon they need to enter into arbitration often. They used all sorts of unorthodox method to complete their projects cheaply.
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investshare Supreme	08-Sep-2016 16:42        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Bro, your last sentence is a serious accusations. Can you share details or fact? Khoolie      ( Date: 08-Sep-2016 16:07) Posted: I wonder which vessels they are going to sell. Mostly are old and not worth much. Their flagship Vessel is being detained by China' s yard due to non-payment. This downturn who will buy their vessels. And what property do they have? Their office in Jurong? Sell liao rent elsewhere? KPMG better start the firesale. It will take very long to land a buyer. Why KPMG so confident can get money from arbitration and insurance? The way Swiber complete their projects are so unprofessional as compared with other MNCs, not uncommon they need to enter into arbitration often. They used all sorts of unorthodox method to complete their projects cheaply.
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Khoolie Member	08-Sep-2016 16:07        Khoolie About Contact  Quote this Post!
x 0   x 0  Alert Admin	I wonder which vessels they are going to sell. Mostly are old and not worth much. Their flagship Vessel is being detained by China' s yard due to non-payment. This downturn who will buy their vessels. And what property do they have? Their office in Jurong? Sell liao rent elsewhere? KPMG better start the firesale. It will take very long to land a buyer. Why KPMG so confident can get money from arbitration and insurance? The way Swiber complete their projects are so unprofessional as compared with other MNCs, not uncommon they need to enter into arbitration often. They used all sorts of unorthodox method to complete their projects cheaply.
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