Swissco Wraps Up Scott and English Energy Takeover
Singapore-listed Swissco Holdings Limited, a marine service provider for the offshore oil and gas industry, has approved the acquisition of Scott and English Energy Pte. Ltd., for approximately USD 230 million.
Scott and English Energy 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.
The acquisition is considered as a very substantial acquisition under the rules of the SGX Listing Manual.
Commenting on the outcome of the General Meeting, Mr. Alex Yeo, Group Chief Executive Officer of Swissco, said: “The successful outcome of the meeting represents a vote of confidence from shareholders on the direction the company is taking to expand our business and create value for them.
This acquisition combines the expertise, know-how and track record of Swissco with the sourcing capabilities and industry connections of Scott and English Energy, a fast-growing international rig owner.
With the successful completion of this transaction, the business of Scott and English Energy will complement that of the company, and together we can now capture more opportunities in the offshore oil and gas industry across various geographical regions.”
Press Release; July 22, 2014