Swissco Eyes Entire Stake in VM Marine
Singapore-headquartered Swissco Holdings Limited has, through its subsidiary Swissco International, entered into a non-binding memorandum of understanding (MOU) to buy the entire issued share capital of offshore vessel owner and operator VM Marine International Ltd.
Swissco said that the company will now start discussions with VM Marine’s Director Melvin Rodrigues on the terms of the acquisition.
VM Marine is the parent company of VM Offshore, VM Offshore India, VM Services and Savannah International Offshore, together called VM Group. The company also holds the entire stake of Chanella Offshore and Galileo Ship Management & Travel.
Swissco said that the parties have still not signed any definitive agreements on the acquisition, adding that there is “no certainty or assurance that any definitive agreements will be entered into and that any transaction will result from these discussions”.
Swissco owns a fleet of rigs, secured on long-term bareboat contracts to service oil and gas major players, as well as a fleet of offshore support vessels, tugs and barges. The company’s rigs and vessels are deployed across Southeast Asia, Latin America and the Middle East.