Swissco Secures Charter Contract Renewal for 2 AHTs

Swissco International Ltd.

Swissco International announced that its wholly-owned subsidiary, Swissco Offshore has secured a renewal of a charter contract for two of its Anchor Handling tugs. The contract value for the three years extension is about S$19.55 million with a sale option.

The two vessels were originally contracted on a 12-month charter with the Singapore-based client who has now renewed both on a longer charter period. The first vessel is originally due to complete her charter in December 2008 while the second vessel will end in January 2009. Both vessels are currently deployed in the
Middle East but their deployment will include other regions like India as a result of the renewal.

"We continue to see demand for our offshore support vessels which consist of fairly diverse fleet ranging from crewboats, accommodation workboat, anchor handlers and even barges," said Alex Yeo, CEO of Swissco. "We have positioned ourselves as a niche vessel provider and stayed focus in terms of vessel types which we can offer to clients."

The Group presently operates a fleet of 30 vessels and expects to take delivery of 8 for the rest of 2008 and 12 vessels for 2009.