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    Swissco group orders three new vessels

    Vessel & ROV News // March 30, 2011

    Swissco Holdings Ltd has announced that it has, through its wholly owned subsidiaries, Swissco Energy Services Pte Ltd and Swissco Offshore Pte Ltd, entered into shipbuilding contracts for the construction and delivery of three offshore support vessels, including one anchor-handling tug supply vessel and two utility vessels.

    The total contract value for the construction of the OSVs is approximately S$27 million, excluding owner supplied items. The OSVs will be constructed in the province of Guangzhou in China, and are expected to be delivered to by the end of 2012.

    The vessels are expected to be deployed in the region as well as to oil and gas fields in the Middle East.

    “Even though charter rates have not fully recovered from the effects of the last
    financial setback in 2008,” said. Robert Chua, Chairman of Swissco Holdings Ltd, “our organisation needs to position itself in preparation for the recovery."

    "We are building vessels on a selective level and keeping to our niche in the OSV market for the time being.”

    The funding for the construction of the OSVs is expected to be from internal resources as well as bank borrowings.

    The Swissco group currently owns and operates a fleet of 38 OSVs and expects
    to take delivery of additional five vessels in 2011 and with the aforementioned
    order, another three vessels in 2012.

     

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