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Swissco venture bags USD 115m Asia Pacific offshore service unit contract

12th November 2014

Swissco Holdings has entered into a joint venture with Union Offshore and have secured a seven year charter with an Asia Pacific-focused oil company

Swissco venture bags USD 115m Asia Pacific offshore service unit contract
Swissco has also secured another 12-month charter contract for a multipurpose vessel in the Middle East

“The acquisition by the group and the completion of this joint venture mark another key milestone in the history of Swissco,” said Kelvin Tang, Swissco Group chief investment officer.

The value of this contract is worth up to USD 115m.

The joint venture has entered into a memorandum of agreement to acquire and own an offshore service unit to meet the requirements of the charter contract.

“The award of the long term charter contract is a testament of our successful strategy in acquiring cost-efficient rigs and operating in high-demand areas. With our experience in Latin America, we are confident that this partnership will further strengthen our expansion in the upstream of the exploration and production sector.”

The offshore service unit is expected to be deployed initially in the offshore oil and gas fields in Asia Pacific during the first quarter of 2015 after its refurbishment and upgrading.

Swissco has also secured another 12-month charter contract for a multipurpose vessel in the Middle East.

The total value of the contract is worth approximately up to USD 3.87m.

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