Swissco Orders Offshore Support Vessels

Swissco Offshore has placed orders for four new vessels to add to its growing fleet of offshore support vessels, at a cost of S$11.2 million including owner supplied items.

Out of the four vessels that have been ordered, the first order is for two identical units of 36-meter Offshore Utility Vessels. This is placed with a Guangzhou shipyard in the People’s Republic of China, which the Group has established a long-term shipbuilding relationship since 2003. These vessels are multi-purpose, and they are expected to be delivered in 2009.

The second order is for two identical units of 26-meter Multi-Purpose Workboats. This order is placed with a Miri shipyard in East Malaysia. The attributes of these vessels make them well equipped for work in shallow waters, oil & gas, as well as, in marine construction. They are expected to be delivered in 2008.

These new vessels are funded through a combination of internal funds and bank borrowings. The group presently operates a fleet of 25 vessels and expects to take delivery of five for the rest of 2007, 12 in 2008 and two in 2009.