Swissco step closer to becoming drilling contractor

Singapore’s Swissco Holdings Limited , a leading marine service provider for the offshore oil and gas industry, announced that it has entered into a definitive Sale and Purchase Agreement (“SPA”) in relation to a proposed S$285.0 million acquisition of Scott and English Energy Pte. Ltd.

Swissco step closer to becoming drilling contractor
Singapore

The SPA was signed with Double Dragon Energy Holdings Limited (“Double Dragon”) for the acquisition of the entire  issued and paid-up share capital in Scott and English (“Acquisition”).

Commenting on the transaction,  Alex Yeo, Chief Executive Officer of Swissco, said: “The SPA will bring Swissco another step closer to our goal of expanding upstream into the
offshore rig chartering business. Swissco’s acquisition of a fast-growing international rig owner will help diversify its earnings base and provide us with a stable, recurring income. In addition, the Acquisition will lead to cost synergies and enhance our operational offering.”

Scott and English is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production
activities. It is helmed by industry veterans with many years of experience in the oil & gas industry , including Mr. Tan Fuh Gih and Mr. Tan Kim Seng. Scott and English is a wholly owned subsidiary of Double Dragon, which is majority-held by Kim Seng Holdings Pte. Ltd.

Commenting on the transaction, Chua Wei Teck, Chief Executive Officer of Scott and English, said: “By adding our drilling units and service rigs to Swissco’s fleet of vessels, we
will be able to offer current and potential oil and gas customers a comprehensive range of services. With an integrated base of operations, we can continue our expansion into key
markets and build our portfolio of quality assets to ride on the positive momentum of the offshore oil and gas industry.”

In respect of the Acquisition, UOB Kay Hian Private Limited has been appointed as the sole financial adviser , and Provenance Capital Pte Ltd has been appointed as the independent
financial adviser to advise on the transaction.

 

[mappress]
Press Release, April 01, 2014

 

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