Swissco Continues Its Fleet Renewal

Mainboard-listed Swissco Holdings Limited (Swissco), a leading marine service provider for the shipping and offshore Oil and Gas industries, announced that it has placed orders for two anchor handling tug supply vessels (“AHTS”) and a fast utility/crew boat with a one plus one option.

The newbuild vessels, excluding owner supplied equipment, are worth an aggregate of S$42 million.

The AHTS and the fast utility/crew boats will be built at Chinese Yards and are expected to be delivered in 2015, adding to the Group’s fleet capabilities.

As part of its overall strategy in maintaining a competitive and modern fleet of vessels available for charter, Swissco continuously renews its fleet to maintain a low age profile. This is complemented by expanding the fleet to improve the range of vessels offered and capabilities. The table provided in the next page shows an update on the vessel fleet as of 30th November 2013:

Mr. Robert Chua, Executive Chairman of Swissco on this occasion said: “We believe that the heightened demand for offshore support vessels will remain sustainable on the back of healthy level of activities in the robust oil and gas industry and we will continue to tap on this growing demand by enhancing our fleet capabilities through our vessel expansion and fleet renewal program.”