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    Swissco confirms orders for more newbuilds

    Vessel & ROV News // November 15, 2006

    Swissco International Ltd in Singapore has announced that its wholly-owned subsidiary, Swissco Offshore Pte Ltd has recently placed orders for another two offshore support vessels. This is in line with the
    Group’s expansion programme for its offshore vessel fleet.

    The 48m azimuth stern drive anchor handling tug is the second 'Alpha' class to be ordered and will be built at a Chinese shipyard in Guangzhou, PRC.

    The highly manoeuvrable vessel is scheduled for delivery in the first half of 2008. "This recent order of the ASD AHT is a commitment to the Group’s belief in providing multi-purpose vessels that can cater to FSO/ FPSO along with other more conventional roles," said Swissco.

    The other newbuilding order is the first for the Group to be placed with an Australian shipyard. The aluminium fast craft is a highly specialized offshore support vessel to be engaged for the transportation of offshore personnel and cargo.

    The vessel is being constructed in Western Australia, a region well noted for its aluminium shipbuilding industry and is expected to be delivered in 1st half 2007. There is also an option to order a second unit from the same shipyard.

    “Believing in the further growth of the oil and gas industry, these newbuildings are an extension of our commitment to provide a more comprehensive range of vessels to meet the various needs of our clients. Eventually we aim to be a ‘one-stop’ offshore vessel provider” said CEO, Alex Yeo.

    On its current building programme, the Group expects to take delivery of four vessels in the rest of FY2006, seven vessels in FY2007 and two more vessels in FY2008. The new purchase
    will be funded through combination of internal funds and bank borrowings.

    Swissco plans to more than double its fleet of vessels by 2008 to support offshore oil and gas exploration and production. It currently has a fleet of 14 offshore vessels and aims to
    have 30 to 35 in two years' time. The company now has 15 offshore vessels under construction, including eight anchor handling tugs (AHTs). 

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