Swissco Secures $7.17M Charter Contracts for 4 Vessels

Singapore-listed Swissco Holdings Limited (Swissco or the Group), a marine service provider for the shipping and offshore Oil and Gas industries, announced Tuesday that it has secured charter contracts worth an aggregate of $7.17 million for its vessels.

The Group secured 2 years charter contracts each for its two anchor handling tugs (AHTs), ‘Swissco Superior’ and ‘Swissco Singapore’ and the two AHTs are to be deployed in West Africa. One of the AHT has already reached West Africa; while the other is due to depart for the location by the end of the week. Both contracts are given to Swissco by a United Arab Emirates (UAE) oil and gas company operating in West Africa and the contracts come with 3 x 1 year extension options.

Besides securing the above contracts, Swissco also secured immediate short term contracts for two of its newly delivered vessels, ‘Swissco Ruby’ and ‘Swissco Neptune’. Both the vessels are mobilized to go straight to the work sites currently.

‘Swissco Ruby’ is an Anchor Handling Tug Supply vessel (AHTS) while ‘Swissco Neptune’ is a 190.3 feet (58 meters) long multi-purpose work boat with dynamic positioning 1 (DP-1) capabilities. Both these vessels are newly delivered.

“The demand for our vessels remains healthy and we are pleased to have chartered out our two AHTs to our Middle Eastern client for deployment in West Africa," Alex Yeo, Swissco CEO said.

"Besides these contracts, we are able to secure immediate short term charters for our two newly delivered vessels, comprising an AHTS and a multi-purpose work maintenance vessel immediately after delivery. We believe that chartering side will continue to see strong demand and with that background, we are focused on our vessel expansion and fleet renewal program to enhance our fleet capabilities,” Yeo added.

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