Singapore-based Swiber Holdings said it will default on its upcoming coupon payment due on August 2.
The offshore construction and support services provider was last month granted extension of time until October 21, 2017 by Singapore High Court to send a statement of proposals to creditors and summon creditors' meetings.
The Singapore High Court also extended the validity of the orders placing the companies in judicial management to March 21, 2018.
This was in relation to the orders of the High Court on October 6, 2016, to place the company and its subsidiary, Swiber Offshore Construction, into judicial management.
Swiber Holdings embarked on a court-led restructuring of its debt last year as the energy support sector struggles from three years of weak oil prices.
Swiber Holdings' stock was last traded at S$0.109 on August 1, 2016 before it was halted from trading.