Swissco Holdings Limited News

Global ship repair and maintenance services market is expected to grow from USD 18.89 Billion in 2018 to USD 39.93 Billion by 2026 at a CAGR of 7.04% during the forecast period from 2019-2026.According to report published by Fior Markets, the key contributing factors for the market growth are increase in the demand for new ships and activities, shortening of supply chains in ship repair and maintenance services, increased seaborne trade against the backdrop of recent economic boom, increase in the production of vessels.The bulk carriers section is anticipated to remain leading in the global ship repair and maintenance services market with USD 4.12 billion.

The Board of Directors of Swissco Holdings Limited and its subsidiaries have informed shareholders of the Company that the Group has discovered that an aggregate amount of approximately S$2.58 million was misappropriated from the accounts of the Group over the last 3 years by the VP - Finance (the “Employee”) of the Company. As of the date of this announcement, S$900,000/- has been recovered, leaving a balance of approximately S$1.68m to be recovered. Preliminary investigations revealed that the Employee had falsified the Company documents to direct payment of the Misappropriated funds to her personal and family members’ bank accounts. The Company immediately commenced investigations upon discovery of the misappropriation.

The Board of Directors of Swissco Holdings Limited has entered into a joint venture with Union Offshore Ltd, a company incorporated in the Republic of the Marshall Islands. The joint venture has secured a charter contract with an approximate value of up to US$115 million to provide an offshore service unit for up to a seven-year period to support the oil & gas activities of an oil company in Asia Pacific. The joint venture has entered into a Memorandum of Agreement to acquire and own an offshore service unit to meet the requirements of the contract. bank borrowings. The above mentioned charter is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31st December 2014.

SGX Mainboard-listed Swissco Holdings Limited announced it has secured three chartering contracts with options worth US$17.3 million. The offshore support vessels, comprising two new workboats and one anchor handling tug supply vessel, will be deployed in the Middle East under the contracts. Mr. Sam Kwai Hoong, Group Chief Financial Officer of Swissco, said: “Once again, our strong industry connections and relationships with customers have served us well, enabling us to secure these contracts with our existing client. We continue to build on our fundamentals of delivering consistent, quality service to our customers, even as we expand into the upstream and become a leading international marine service provider for the offshore oil and gas industries.

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. As announced on 15 August 2014 on the Singapore Exchange, the rigs have up to two-year contracts worth about US$94.8 million and are being deployed in Latin America. Mr. Kelvin Tang, Group Chief Investment Officer of Swissco, said: “Our expansion into the upstream continues to gain momentum with the completion of this acquisition. In a span of about two months since we acquired the rig business of Scott and English Energy Pte Ltd, we have doubled our rig count.

The Board of Directors of Swissco Holdings Limited (the “Issuer”) is pleased to announce the establishment of a S$300,000,000 Multicurrency Medium Term Note Program (the “Program”) and in connection therewith, the Issuer has appointed Oversea-Chinese Banking Corporation Limited to act as sole arranger and dealer of the Program. Under the Programme, the Issuer may from time to time issue notes (the “Notes”) in series or tranches in Singapore dollars or any other currency as may be agreed between the relevant dealer(s) of the particular series or tranche of Notes and the Issuer. Each series or tranche of Notes may be issued in various amounts and tenors, and may bear interest at fixed, floating, variable or hybrid rates or may not bear interest.

SGX Mainboard-listed Swissco Holdings Limited, an integrated, international marine services provider, announced it has acquired its first liftboat for approximately $56 million. The self-propelled liftboat, which will be owned and managed by the group, is expected to be completed within two years and deployed in Southeast Asia. The contract, signed with a Southeast Asian shipyard, includes owner-supplied equipment. The liftboat will be able to operate in water depths of up to 70m and has accommodation for 120 offshore personnel.

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.

Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy 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 (E&P) activities. Operational synergies expected with the acquisition, providing Swissco Group with a diversified earnings base with stable, recurring income. SGX Mainboard-listed Swissco Holdings Limited, a leading marine service provider for the offshore oil and gas industry, announced the proposed acquisition of Scott and English Energy Pte. Ltd. for approximately S$285.0 million today.