Swiber revealed the termination in a response to a query from the Singapore Exchange (SGX) in regard to the status of the project.
The company said it had received a termination letter from the client dated 18 July, however it added it was disputing the cancellation of the contract.
“No announcement was made by the company in respect of such termination because the value of the contract is approximately US$21 million and the company is of the view that such amount is immaterial based on calculations against its annualised revenue, net tangible assets and assets figures for the first financial quarter ended 31 March 2016,” Swiber said in its response to the SGX.
The
