Swissco secures charter contracts worth up to $154 million

Mainboard-listed Swissco Holdings, a marine services provider, said on Wenesday that it had 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 for up to a seven-year period to support an oil company in the Asia Pacific. The value of this contract is worth up to US$115 million (S$148.58 million).

The joint venture will acquire and own an offshore service unit to meet the requirements of the charter contract. This unit unit is expected to be deployed initially in the offshore oil & gas fields in the Asia Pacific around the first quarter of 2015 after its refurbishment and upgrading.

The charter is expected to have a positive impact on the group's earnings per share or net tangible assets per share for FY 2015.

Swissco said it 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 US$3.87 million.