Swissco Reaches Deal to Sell Most of Its Vessels

Singapore-based marine company Swissco Holdings has reached an agreement to dispose of the majority of its offshore support vessels in an effort to reduce its liabilities.

Namely, the company, which is currently under judicial management, is selling its OSV fleet to an affiliate of UAE’s Allianz Middle East Ship Management.

According to Swissco’s stock exchange filing, the vessels are being sold on an “as-is where-is” basis. Only three of the 25 vessels proposed to be disposed of are currently on charter, while the remainder of the units are not under charter and are minimally utilised or unutilised by the group.

A batch of 21 units would be sold for USD 20.5 million, while the remaining four vessels would be disposed for a further USD 8.5 million if the company exercises the options to purchase these units.

The vessels involved in the agreement, scheduled to be finalized before the end of February 2019, include anchor handlers, workboats, barges, and utility tugs.