Swissco Completes Acquisition of 4 Mobile Offshore Production Units

Singapore's Swissco Holdings Limited (Swissco or the Company, together with its subsidiaries, the Group), an integrated, international marine services provider, disclosed Wednesday that it has completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. As announced Aug. 15 on the Singapore Exchange, the rigs have up to two-year contracts worth about $94.8 million and are being deployed in Latin America.

Kelvin Tang, Group chief investment officer of Swissco, said: “Our expansion into the upstream continues to gain momentum with the completion of this acquisition. In a span of about two months since we acquired the rig business of Scott and English Energy Pte Ltd, we have doubled our rig count. Our strategy of acquiring cost-efficient and good quality rigs and deploying them in high-demand areas such as Latin America enables us to optimize our investment within a short period of time. As we now have a significant presence in this region, where the oil fields have substantial reserves, our management is confident that our rigs will be able to receive new long term contracts once the existing contracts expire.

“With our rigs deployed in Latin America, we are well-positioned to ride on the robust industry momentum as the region embarks on a new wave of oil exploration and production activities. With our healthy level of gearing, we have ample headroom for growth that will allow us to take advantage of attractive opportunities,” Tang said.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Shop Mechanic - Grand Prairie, TX
Expertise: Customer Service|Mechanic
Location: Grand Prairie, TX, TX
Diesel Mechanic for Williston, ND!
Expertise: Mechanic
Location: Williston, ND
Branch Manager for Heavy Equipment Dealership in Mississippi
Expertise: Facilities Management|Mechanic
Location: Mississippi, United States, MS
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours