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Swissco profit jumps, eyes fleet expansion

Swissco profit jumps, eyes fleet expansion
Offshore services provider Swissco Holdings recorded a jump in third quarter profit and is looking to expand its fleet of offshore support vessels (OSVs) on the back of firm market demand.

Singapore-listed Swissco reported a third quarter gain of SGD6.41m ($5.15m), up 85% compared to SGD3.46m in the previous corresponding period.

The surge in profit was due mainly to a one-time gain of $2.32m on disposal of property, plant and equipment, partially offset by $100,000 of foreign exchange losses.

Revenue, however, dropped 45.4% year-on-year to SGD13.76m due to lower contributions from the maritime service segment.

Swissco said it is committed to grow its vessel chartering business with construction of new and modern vessels under its fleet renewal program.

“We believe that the heightened interest in oil and gas industry will spur increased demand for OSVs and we anticipate that Swissco will be a beneficiary of this development,” said Robert Chua, executive chairman of Swissco.

“As part of our ongoing fleet renewal program, we currently have three anchor handling/supply vessels, two utility vessels, two crew boats and one accommodation vessel under construction, four of which will join the fleet in the fourth quarter of 2013. In addition, the group expects to finalise newbuildings to add more new and modern vessels to our fleet,” Chua said.

As at 30 September 2013, the group's fleet comprised of 33 vessels including 12 utility tugs and nine anchor handling tugs.

TAGS: Offshore