Swissco Steps Into Offshore Rig Chartering Business
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.