Oil & Gas companies hit by contagion fears after Swiber announces winding up

SINGAPORE (July 28): Swiber Holdings' shock announcement that it was winding up its business led investors of local oil and gas stocks to dump their shares over fears the industry is in worse shape than expected.

The effect was most visible among Catalist stocks. Vallianz Holdings had lost the most, dropping 41.7% of its market value by 10.34am and was trading at 2.1 cents.

Loyz Energy fell 16.7% to 1.5 cents while Kim Heng Offshore lost 8.3% to 7.7 cents.

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