Swissco Steps Into Offshore Rig Chartering Business

MarineLink.com
Monday, March 31, 2014
Image courtesy of Swissco

Singapore based marine service provider for the offshore oil and gas industry, Swissco Holdings Limited, informs it has entered into a definitive Sale and Purchase Agreement for the  S$285.0 million acquisition of Scott and English Energy Pte. Ltd. which will enable Swissco to move into the offshore rig chartering business.

Swissco adds that the SPA was signed with Double Dragon Energy Holdings Limited for the acquisition of the entire issued and paid-up share capital in Scott and English.

Commenting on the transaction, Mr. Alex Yeo, Chief Executive Officer of Swissco, said: “The SPA will bring Swissco another step closer to our goal of expanding upstream into the offshore rig chartering business. Swissco's acquisition of a fast-growing international rig owner will help diversify its earnings base and provide us with a stable, recurring income. In addition, the Acquisition will lead to cost synergies and enhance our operational offering.”

Scott and English is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production activities. It is helmed by industry veterans with many years of experience in the oil & gas industry, including Mr. Tan Fuh Gih and Mr. Tan Kim Seng. Scott and English is a wholly- owned subsidiary of Double Dragon, which is majority-held by Kim Seng Holdings Pte. Ltd.

About Swissco Holdings Limited

Transferred to the SGX Mainboard since 9 January 2013, the Company is a leading marine service provider for the shipping and offshore Oil and Gas industries. It owns and operates a young fleet of offshore support vessels, tugs, barges and OPL (Out-Port-Limit) boats.

http://swissco.net/

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Offshore Energy

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

UniMarine Opens Office in Pireaus

UniMarine announced the opening of its new office UniMarine South Europe & Mediterranean. Located in Piraeus (Greece), the office will be servicing the Southern

Underwater Engineering

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Zargon Oil & Gas Sells Hamilton Lake Assets

Zargon Oil & Gas Ltd. announces that it has entered into a definitive purchase and sale agreement to sell its Hamilton Lake property for $25 million. Property

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1416 sec (7 req/sec)