Swissco profit slips in Q2

Second quarter net profit dropped by 2.7% to SGD1.99m ($1.59m) from SGD2.04m in the same period of last year.

Revenue during the quarter, however, rose 7.3% year-on-year to SGD11.19m due mainly to increased fleet size and higher average charter rate, as well as improved ship repair business.

“The group is committed to grow its vessel chartering business with construction of new and better specification vessels under its fleet renewal program. Vessels under construction include five AHTs, one utility vessel, three crew boats and one accommodation vessel,” Swissco said.

During the first half of 2014, the group disposed of two vessels and took delivery of two AHTS vessels, maintaining a fleet of 33 vessels as at 30 June 2014.

Meanwhile, Swissco has completed the acquisition of Scott and English Energy (S&E), which owns and charters mobile offshore drilling units and service rigs. S&E currently jointly owns four rigs, which have charter contracts ranging from four to five years.