SGX Mainboard - listed Swissco Holdings Limited , an integrated, international marine services provider, today announced it has secured three chartering contracts with options worth US$17.3 million, the company said in its press release.
The offshore support vessels, comprising t wo new workboats and one an chor handling tug supply vessel, will be deployed in the Middle East under the contracts.
Mr. Sam Kwai Hoong , Group Chief Financial Officer of Swissco, said: “ Once again, our strong industry connections and relationships with customers have served us well, enabling us to secure these contracts with our existing client. We continue to build on o ur fundamentals of delivering consistent, quality service to our customers, even as we expand into the upstream and become a leading international marine service provider for the offshore oil and gas industries. “ The Middle East continues to be a key source of oil for the global economy. Increasing investments into oil exploration and production in the region will have a knock - on effect on the demand for rigs and offshore support vessel services. With our diversified fleet of vessel, we are well - p ositioned to meet this demand ,” Mr. Sam said.
All three vessels are under American Bureau of S hipping (ABS) class ification and the last of the 3 units just commenced charter. The contracts are expected to have a positive impact on Swissco’s financial performance for beginning from the fourth quarter of the current financial year.