Swissco’s Q3 profit jumps 79% to $8.1m

For the three months ended 30 September 2014, profit soared by 78.8% year-on-year to SGD10.43m ($8.07m).

During the third quarter, revenue from the chartering of the group’s OSVs was SGD9m whereas the maritime services segment registered revenue of SGD26.4m with the delivery of two vessels.

“The group benefited from the acquisition of the rig business of Scott and English Energy, which greatly boosted our financial performance,” said Tan Fuh Gih, executive chairman of Swissco. The acquisition of Scott and English Energy was completed on 30 July 2014.

Swissco now has six mobile offshore drilling rigs jointly owned with Scott and English Energy, and two wholly-owned units. These rigs are attached with long term contracts of up to five years.

On Wednesday, Singapore-listed Swissco entered into a joint venture with Union Offshore, securing a charter contract of about $115m for up to seven years to provide an offshore service rig to support an oil company in Asia Pacific.