Swissco Sells Vessels to Allianz Middle East

Laxman Pai
Sunday, December 9, 2018

Singapore’s Swissco Holdings, currently under judicial management, announced that it is disposing of a substantial part of its offshore support vessels division, which is expected to help reduce the group's liabilities.

UAE's Allianz Middle East Ship Management has signed a deal to buy most of the OSV fleet of Swissco, said a stock exchange annoucement from the restructuring vessel-owner.

"The Vessels are being sold on an “as-iswhere-is” basis. Only 3 of the 25 Vessels proposed to be disposed of are on charter. The remainder of the Vessels are not under charter and are minimally utilised or unutilised by the Group," said the statement.

Additionally, 15 of the 25 Vessels are currently mortgaged in favour of financial institutions to secure the obligations of certain Vendors under various loan and/or credit facilities extended by such institutions. The proceeds from the Proposed Disposals will be used in part to reduce the Group’s liabilities to such institutions.

"The Purchaser is a company incorporated in Saint Vincent and the Grenadines, and is an affiliate of Allianz Middle East Ship Management L.L.C., a company incorporated in the United Arab Emirates," it said.

Allianz Middle East Ship Management L.L.C. is a marine contractor in the business of providing marine vessels, offshore logistics and other petroleum services to the Oil & Gas industry and offshore construction industry.  

The aggregate consideration for the share disposal and the sale vessels is US$20,500,000, assuming the put option is not exercised in respect of the additional vessels, said the annoucement.

Categories: Ship Sales Support Vessel

Related Stories

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson Production Closes $1B Investment to Drive Further Growth

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Current News

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com