Swire Pacific subsidiary confirms investment in icebreakers News
// December 10, 2004
Prisco Swire Offshore Limited (PSO), a 50/50 joint venture held between Swire Pacific Offshore Holdings Limited (SPO) and Nakhodka based Primorsk Shipping Company (Prisco), has confirmed that it signed a Letter of Intent with Sakhalin Energy Investment Company (SEIC) on 1st October 2004.
The joint venture is to provide and manage three ice-breaking supply vessels to SEIC for its oil field development and production off the Coast of Sakhalin Island for 15 years beginning from 2006.
PSO will invest approximately US$200 million to acquire three icebreaking PSVs of approximately 90m in length. Deliveries are scheduled for April, July and October of 2006.
SPO's investment will be financed internally by Swire Pacific Limited, the parent company of SPO. Prisco owns a fleet of 43 tankers, the majority of which are ice-class, and regularly trades along the Russian coast between Murmansk and Vladivostok.
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