SGX raps Swiber for misleading 2014 contract announcement

SINGAPORE (Oct 31): The Singapore Exchange has reprimanded Swiber for breaching Listing Rule 703 for failing to provide a balanced and fair announcement in relation to a US$710 million ($988 million) project.

On Dec 15, 2014, Swiber announced it had secured the US$710 million project to provide engineering, procurement, installation and commissioning services for an offshore field development project.

In the same announcement, Swiber disclosed that for the year-to-date as of Dec 15, 2014, it had clinched contracts totalling US$1.03 billion.

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