Swissco Bags $94M Charter Contracts to Supply 4 MODUs

Singapore-based marine service provider for the offshore oil and gas industry Swissco Holdings Limited (Company or Group) announced Friday that four wholly-owned subsidiaries of Scott and English Energy Pte Ltd (Scott and English Energy) have entered into charter contracts worth a total of approximately $94.8 million.

The contracts will last for up to a period of 2 years, providing four mobile offshore drilling units to be used by an oil major to support its oil and gas activities in Latin America. The charters are conditional upon the delivery of such mobile offshore drilling units to the subsidiaries of Scott and English Energy, which is a subsidiary of the Group.

Upon deployment, the abovementioned charters are expected to have a positive impact on the Group’s earnings per share and net tangible assets per share for the financial year ending Dec. 31.

None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transactions other than through their respective shareholding interests in the Company.

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