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

Environmental Group Backs Out of Scarborough Litigation

Heat Drives Asian LNG Spot Price Spike

Shipbuilding: Wind Turbine Installation Vessel Delivered to Cadeler

‘World’s Largest’ Floating Wind Platform on Its Way to Offshore Site in China

Profit Decline, Reserves Downgrade Drag Beach Energy to 2.5-year Low

Valeura Set to Restart Wassana Production Offshore Thailand

Shelf Drilling Sells Baltic Jack-Up Rig

Jadestone Energy Secures Four Shallow Water Fields Offshore Malaysia

South Korea's KOMIPO Cancels Plans for LNG Import Terminal

Chinese Wind Turbine-makers Move into Europe as Trade Tensions Flare

Current News

Valeura Energy Consolidates Thai Oil and Gas Assets

TotalEnergies Inks 15-Year LNG Supply Deal with China’s Sinopec

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

Floating Wind and the Taming of Subsea Spaghetti

Impending Shortage of Jackups within Ageing Asia Pacific Fleet

Equinor Tries Again for a Japan Offshore Wind Lease

Yinson Production Concludes Minority Stake Sale in FPSO Anna Nery

Sunda Energy Pushes Back Chuditch-2 Appraisal Well Drilling Date

CNOOC Starts Production at Another Oil Field in South China Sea

ABS Takes Charge of Digital Twin Project for Petrobras’ FPSOs

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