Swissco acquires Scott and English EnergyCompany News // April 2, 2014
SGX Mainboard-listed Swissco Holdings Limited has entered into a definitive agreement to acquire Scott and English Energy Pte Ltd.
The agreement was signed with Double Dragon Energy Holdings Limited and includes the entire issued and paid-up share capital in Scott and English.
Commenting on the transaction, Alex Yeo, Chief Executive Officer of Swissco, said: “The SPA will bring Swissco another step closer to our goal of expanding upstream into the offshore rig chartering business.
"Swissco's acquisition of a fast-growing international rig owner will help diversify its earnings base and provide us with a stable, recurring income. In addition, the Acquisition will lead to cost synergies and enhance our operational offering.”
Scott and English owns and leases mobile offshore drilling units and service rigs to support exploration and production activity.