Swissco Expands Offshore Service Fleet

Swissco International says that its wholly-owned subsidiary, Swissco Offshore has placed orders for four more offshore support vessels worth S$18.5m including owner supplied equipment.

The first order is for two identical units of 26m Aluminum Crew/Utility Vessels, placed with a local shipyard which specializes in aluminum shipbuilding. Designed to carry both cargo and offshore personnel, these vessels are expected to be deployed in the region’s oil and gas fields by 1Q09.

Swissco has also ordered two other vessels from an Indonesian shipyard. The first unit is a 57m Landing Craft, designed with a 1000-ton cargo capacity that is fully equipped for oilfield work. The second unit is a 48m Multipurpose Accommodation Workboat. This vessel is designed and equipped for work such as diving support, maintenance work and towing, etc to meet the demand for offshore support vessels. Both units are expected to join the current fleet in 1Q09.

"Without deviating from our aim of providing clients with a comprehensive range of specialized vessels, Swissco is committed to expanding our fleet to meet the increasing demand. We have received comments on the operational needs of our clients, and discussed them with shipyards and naval architects. By incorporating such critical information into our shipbuilding programme, we are confident that we deliver vessels which meet the current and future needs of the oil and gas industry, says Mr Alex Yeo, CEO of Swissco.

Funding of these new vessels is expected to be from a mixture of internal funds and bank borrowings. The Group presently operates a fleet of 26 vessels and expects to take delivery of one vessel for the rest of 2007, 11 in 2008 and nine in 2009.