Swissco's $230m rig owner buy approved by shareholders

Scott and English Energy, which owns and leases mobile offshore drilling units and service rigs, is expected to complement Swissco’s business to capture more opportunities in the offshore oil and gas industry acrss various geographical regions, offshore services firm Swissco announced after an extraordinary general meeting held on Tuesday. The firm announced the planned acquisition in March this year as a way to diversify beyond the OSV sector.

“This acquisition combines the expertise, know-how and track record of Swissco, a leading marine service provider, with the sourcing capabilities and industry connections of Scott and English Energy, a fast growing international rig owner,” said Alex Yeo, group ceo of Swissco.

Chua Wei Teck, ceo of Scott and English Energy, said: “Due to the global demand for energy, oil prices are expected to remain at high levels in the longer term to drive exploration and production activities.”

Singapore-listed Swissco said the acquisition also increases the market capitalisation of the group and will likely attract more extensive analyst coverage and lead to an overall increase in investor interest and trading liquidity.

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