Swissco Secures Contracts For Its Crew Boats. Contemplates Fleet Expansion
- Business & Finance
Swissco, a Singapore-based marine service provider for the shipping and offshore oil and gas industries, has announced that it has secured contracts for its crew boats worth an aggregate of S$8.24 million.
The Group took delivery of a new crew boat on 16 April 2013, the ‘Swissco Cheetah’. With the addition of Cheetah, the Group owns / manages a total of 7 crew boats. Cheetah was immediately deployed on 18 April 2013 to Brunei for a 12 month period. The Group also secured a 6-month extension for the Swissco Spear in Malaysia and a minimum 90-day job for the ‘Swissco Spur’ in Brunei.
In addition, Swissco is scheduled to take delivery of another crew boat named ‘Swissco Puma’, which is expected to be completed in July 2013. The contract for Swissco Puma is currently under negotiation. In view of the increased demand for crew boats, the Group has made plans to expand its fleet of vessels with 2 additional crew boats which are expected to be delivered in the first half of 2014 (“1H2014”).
“We are seeing heightened activity levels in the offshore marine sectors, particularly in the South East Asian countries as oil majors expand exploration and production programmes. We believe the demand is sustainable and have therefore negotiated with our preferred shipyard for the construction of more vessels. Together with our fleet expansion programme, we are striving to provide a comprehensive range of vessels for our customers, and to achieve a larger base of stable income,” said Robert Chua, Executive Chairman of Swissco.
The Group has 14 vessels under construction for the vessel chartering segment, 7 of which will join in 2H2013, and 6 in FY2014.