Swissco Expands Fleet with Three New Vessels

Mainboard-listed Swissco Holdings Limited (Swissco) has placed orders for 3 more vessels worth an aggregate of S$35 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.

“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 addition 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.” Mr. Alex Yeo, Chief Executive Officer of Swissco.

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.

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Press Release, November 19, 2013