Swissco Enters Offshore Rig Charter Business
- 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. The company has entered into a legally binding heads of agreement (HOA) with Double Dragon Energy Holdings Limited, which will form the broad basis of the definitive sale and purchase agreement to be entered into for the proposed acquisition of the entire issued and paid-up share capital in Scott and English.