Swissco to grow OSV fleet on positive outlookSwissco to grow OSV fleet on positive outlook

Swissco, a marine service provider for the shipping and offshore oil and gas industries, seeks to capitalise on the “robust outlook and to further grow our fleet”.

WTI crude prices closed at $92.73 per barrel on Tuesday and Brent crude prices stood at $112.78 per barrel.

“We have currently 12 vessels under construction and eight of those are joining our fleet in 2013 and remaining four in 2014,” said Alex Yeo, ceo of Swissco.

As at 31 December 2012, the group's fleet comprised 32 vessels including eight anchor handling tugs, 12 utility tugs, six barges, two accommodation vessels, and four crew boats.

“Beyond expanding the fleet size, we are also looking at fleet diversification to enhance the fleet capabilities and seek strategic alliances in overseas markets to grow our chartering business,” Yeo added.

The Singapore-listed firm announced on Tuesday that its 2012 full year net profit doubled to SGD16.39m ($13.24m) compared to SGD8.18m in 2011. Revenue jumped 69.5% year-on-year to SGD110.02m due to higher vessel chartering earnings and increased repair and maintenance jobs.