SWISSCO Sets Up JV with Union Offshore

 

The Board of Directors of Swissco Holdings Limited has entered into a joint venture with Union Offshore Ltd, a company incorporated in the Republic of the Marshall Islands. The joint venture has secured a charter contract with an approximate value of up to US$115 million to provide an offshore service unit for up to a seven-year period to support the oil & gas activities of an oil company in Asia Pacific.

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

The offshore service unit is expected to be deployed initially in the offshore oil & gas fields in Asia Pacific around 1st quarter 2015 after its refurbishment and upgrading.The above mentioned project will be funded through internal resources as well as
bank borrowings.

The above mentioned charter is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31st December 2014.

None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the above transaction other than through their shareholding interests in the Company