/2016-08-18

Singapore Defaults Boost Calls for Aid as Oil Firms Falter - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-08-18/singapore-defaults-boost-calls-for-state-aid-as-oil-firms-falter

Singaporean companies struggling to meet debt obligations as oil prices slump may get more support from the government if the economy deteriorates further, according to global auditing firm EY. UBS Group AG’s wealth management unit warns more defaults are possible.
[…]
The marine and offshore industry, which includes the world’s two biggest oil rig builders Keppel Corp. and Sembcorp Marine Ltd., provides about 19 percent of Singapore’s manufacturing jobs. Unemployment in the city rose to its highest level in more than two years in the second quarter, at 2.1 percent, as both companies slashed jobs.

Swiber’s default follows missed payments in the city by telecommunications provider PT Trikomsel Oke and seafood producer Pacific Andes Resources Development Ltd. Malaysian oil and gas company Perisai Petroleum Teknologi Bhd. said on Aug. 18 it’s seeking to engage holders of its S$125 million notes maturing on Oct. 3.