Swissco Bags $17m Chartering Contract

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.

“The Middle East continues to be a key source of oil for the global economy. Increasing investments into oil exploration and roduction in the region will have a knock-on effect on the demand for rigs and offshore support vessel services. With our diversified fleet of vessel, we are well-positioned to meet this demand,” Mr. Sam said.

All three vessels are under American Bureau of Shipping (ABS) classification and the last of the 3 units just commenced charter. The contracts are expected to have a positive impact on Swissco’s financial performance for beginning from the fourth quarter of the current financial year.