Swissco Charters Out Its Newbuild AHTS Vessels

Mainboard – listed Swissco Holdings Limited, a marine service provider for the shipping and offshore Oil and Gas industries, has secured charter contracts worth an aggregate of S$ 27.0 million for its new vessels.

The two new 60-meter anchor handling tug and supply (AHTS) vessels will be deployed immediately after the Group takes delivery of them in December 2013 and January 2014.

“The offshore oil and gas sector outlook remains healthy and continues to spur on demand for our offshore support vessels. We are pleased to have secured charter contracts worth a total of S$27.0 million for two of our new AHTS vessels. These new vessels will be deployed immediately to their respective work sites upon delivery from the shipyard. We believe that vessel chartering services will continue to witness robust demand and with that back drop, we will continue to focus on our vessel expansion and fleet renewal program to enhance our fleet capabilities in order to meet the needs of our clients, ” Mr. Alex Yeo, Chief Executive Officer of Swissco commented.

The first AHTS will be deployed for a minimum of 12 months in the Middle East with a sale and purchase option exercisable after the charter period. The second vessel will be deployed for a total of 27 months in North East Australia.

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Press Release, November 28, 2013