Troubled Singapore oilfield services firm Swiber Holdings said on Monday its interim judicial managers saw “reasonable” prospects of saving the company.

The company said in a statement major stakeholders, including suppliers, vendors and creditors, have expressed a willingness to work with the interim judicial managers to support the completion of ongoing projects.

The prospects of saving the company hinge on the support of stakeholders and its ability to complete some $1.67 billion worth of secured projects. This could lead to a better outcome for creditors than a winding up scenario, the statement said.

Swiber applied in July to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows for a company to be nursed back to health under the supervision of the Singapore Court.

Source: www.reuters.com