Swissco Secures S$13.78m Contracts

Swissco International says that its wholly-owned subsidiary, Swissco Offshore Pte Ltd has recently secured two contracts worth a total of S$13.78m to be fulfilled up to 2008. This comes on the back of the Group’s decision to position itself as a one-stop provider of offshore support vessels.

The first contract is for the provision of a 48m offshore support vessel to a Singapore-based company that specializes in offshore marine engineering services. The contract is for a 12-month period with a sale option in place at the end of the charter.

The second contract is entered into with a Malaysian company for the provision of an aluminum fast utility vessel up to end 2008. The vessel is the first of the batch of three being built in Western Australia, which the Group had taken delivery recently. Commenting on the contract, Group Chief Executive Officer, Mr Alex Yeo said, “We are very pleased with the positive steps the Group has taken to move ahead to meet client’s needs. This new vessel reaffirms the Group’s aim to provide clients with a complete marine transportation solution.”

Both vessels are expected to be deployed within the South East Asia oil and gas fields. “The booming oil and gas industry will continue to contribute to the Group’s order book as our financial position strengthens with the delivery of our vessels. South East Asia remains one of our core markets, but the Group is also looking at opportunities beyond this region,” said Mr Yeo.

The Group presently operates a fleet of 24 vessels and expects to take delivery of 6 vessels for the rest of 2007 and 8 vessels in 2008. The Group targets to achieve a fleet size of 30-35 by end FY2008.