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BRIEF-Swiber updates on notices of suspension by Oil and Natural Gas Corporation
December 19, 2016 / 12:42 PM / 9 months ago

BRIEF-Swiber updates on notices of suspension by Oil and Natural Gas Corporation

Dec 19 (Reuters) - Swiber Holdings Limited :

* Notices Of Suspension By Oil And Natural Gas Corporation Limited

* Swiber Offshore Construction and Swiber Offshore (India) have, throughout course of judicial management of company , been engaging with Oil and Natural Gas Corp

* SOC and SOI have been requested to suspend all activities, if any, for execution of projects under existing contracts

* Engagement with respect to arriving at a working arrangement to complete certain projects in India

* Soc and SOI will be engaging ONGC and other stakeholders directly to explore other options to complete projects

* Notes execution of projects has been affected by ongoing legal actions commenced by certain creditors in India courts against ONGC, SOC and SOI

* Legal actions have caused delays to project timelines, and have prevented ONGC from being able to make payments to complete projects

* ONGC will be entering relevant sites for projects, taking charge of projects and executing balance work

* “Actions have caused delays to project timelines, and have prevented ONGC from being able to make payments to complete projects” Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780; )

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