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    Swissco orders again

    Vessel & ROV News // September 13, 2006

    Swissco International Ltd in Singapore has announced that its wholly-owned subsidiary, Swissco Offshore Pte Ltd, has recently placed orders for another two new vessels.

    A Malaysian shipyard was awarded the contract for construction of a 26m multi-purpose vessel. This will be the second vessel to be awarded to this Shipyard based in Miri, East Malaysia.

    The vessel can be deployed for shallow water oil and gas operations as well as dredging or marine construction activities and will be delivered in the first half of 2007.

    The second order is for a 76m offshore barge and is the fourth barge awarded to a shipyard based in Nanjing, China.

    Designed for heavy deck loading capability, the barge is also scheduled for delivery in the first half of 2007.

    We are confident of the demand for our types of vessel and continue to see growth in the next few years. For example, our first 26m workboat which we took delivery early this year had secured one years employment in Australia. Therefore we believe there is increasing demand in the region for specialized vessel,s said CEO Alex Yeo.

    The Group expects to take delivery of five vessels in the rest of FY06, five vessels in FY07 and one in FY08.

    The new purchases will be funded through a combination of internal funds and bank borrowings.


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