Scott and English Energy (S&E), a subsidiary of Singapore’s bankrupt marine service provider Swissco Holdings, has been placed under provisional liquidation.
The judicial managers of Swissco Holdings informed on Monday that on August 10 the board of directors of Scott and English Energy made a statutory declaration that the company cannot by reason of its liabilities continue its business.
The statutory declaration was lodged with the Registrar on August 11. Aaron Loh Cheng Lee and Ee Meng Yen Angela , both care of Ernst & Young Solutions LLP, were appointed as the joint and several provisional liquidators of S&E with effect from that day.
The company will hold an extraordinary general meeting and a meeting of the creditors on August 23 to consider various matters relating to the liquidation of S&E.
Swissco bought S&E in July 2014 for approximately $230 million. The company is in the business of owning and leasing offshore drilling units and service rigs to support oil and gas exploration and production activities.