Singapore-listed Swissco is to acquire the entire issued shares and paid-up capital of Scott and English an owner and charterer of mobile offshore drilling units. It has signed a heads of agreement with Double Dragon Energy Holdings, majority owned by Kim Seng Holdings.
Swissco said the acquisition would allow it to diversify its business beyond the OSV sector.
“Riding on the robust momentum in the offshore oil and gas sector, the synergies between the two businesses will diversify the earnings base for the company while providing it with stable, recurring income,” said Alex Yeo, ceo of Swissco.
“Swissco will now have opportunities to grow beyond its traditional OSV operations. More importantly, this development will enhance long-term value for our shareholders.”
Swissco is the latest offshore vessel owner in Singapore to move into the rig owning and chartering space, last week Marco Polo Marine ordered its first jack-up rigs from PPL Shipyard.
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