Swissco acquires Scott and English EnergyCompany News // July 24, 2014
Shareholders of SGX Mainboard-listed Swissco Holdings Limited have approved the acquisition of Scott and English Energy Pte Ltd for approximately S$285.0 million.
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 activities.
The acquisition is considered as a "very substantial acquisition" under the rules of the SGX Listing Manual.
Commenting on the deal, Alex Yeo, Group Chief Executive Officer of Swissco, said: “This acquisition combines the expertise, know-how and track record of Swissco, a leading marine service provider, with the sourcing capabilities and industry connections of Scott and English Energy, a fast-growing international rig owner.
"With the successful completion of this transaction, the business of Scott and English Energy will complement that of the Group and together we can now capture more opportunities in the offshore oil and gas industry across various geographical regions.”