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    Swissco issues profit warning

    Company News // November 15, 2016

    The Board of Directors of Swissco Holdings Limited has announced that based on a preliminary review of the draft unaudited consolidated financial results for the third quarter and nine months ended 30 September 2016, the group is expected to report a net loss as compared to a profit recorded in the corresponding period of the previous year.

    The expected loss for 3Q2016 and 9M2016 is primarily due to the impairments on its fleet of vessels, rigs and receivables, to mark to market the carrying value of its assets.

    Two of its drilling rigs and two jointly-owned drilling rigs continue to be off-charter which has also adversely affected the performance of the group.

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