Swissco Adds Three More Vessels to Its Fleet

Mainboard-listed Swissco Holdings Limited (Swissco) announced that it has placed orders for 3 more vessels worth an aggregate of USD 28,1 million (excluding owner supplied equipment) consisting of two anchor handling tug supply vessels (AHTS), and one Multipurpose Utility Tug.

The two units of AHTS with 80 tons bollard pull will be built at a Northern Chinese shipyard, while the multipurpose utility tug will be built at a Southern Chinese Yard. The newbuild vessels are  expected to be delivered in FY2015, adding to the Group’s fleet capabilities.

As part of its overall strategy in maintaining a competitive 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:

“Expansion and renewal of the fleet will help us tap on the growing demand for offshore support vessels, and give us the capability to provide high-quality and competitive services to meet the needs of our  clients.

The adition and ownership of these 3 new vessels will help us improve our operating efficiency and also show our commitment to grow our chartering business.

We believe demand for vessel chartering  services will remain sustainable and we will continue to focus on our vessel expansion and fleet renewal program to enhance our fleet capabilities,” says Mr. Alex Yeo, Chief Executive Officer of Swissco.

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Swissco, November 19, 2013