Listed on the SGX Mainboard and Asia Pacific’s leading marine, offshore supply and logistics player, Sinwa Limited (“Sinwa” or “the Group”), announced that the Group received confirmation yesterday that its wholly-owned subsidiary, Sinwa Offshore Pte. Ltd. (“SOPL”) has incorporated Sinwa (Thailand) Ltd. (“STL”) in Thailand on 18 June 2014.
Commenting on the Group’s successful venture into Thailand, Mr. Bruce Rann, Group CEO of Sinwa, said,
“We are excited to announce our entry into Thailand’s promising offshore sector. Backed by robust oil prices, Thailand has witnessed heightened level of offshore exploration and production activities. Our newly incorporated subsidiary in Thailand will be able to seize this great opportunity to grow our network and exposure to the offshore sector.
This Thailand subsidiary will not only allow us to serve our existing clients, it will also grant us the access to potential new customers. In fact, we have already identified several business opportunities, and we are in the process of negotiation.
Going forward, we will continue to leverage on our strengths and focus on growing our core marine offshore supply and logistics business regionally. At the same time, we will actively explore for other opportunities to further extend our geographical reach to better serve our clients.”
On 16 June 2014, Sinwa also announced the incorporation of four wholly-owned subsidiaries, of which one would provide cost synergies (savings on hiring of boats for core business operations).