SGX Mainboard-listed 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 for up to a seven-year period to support an oil company in Asia Pacific. The value of this contract is worth up to US$115 million.
Mr. Kelvin Tang, Group Chief Investment Officer of Swissco, said, “The acquisition by the Group and the completion of this joint venture mark another key milestone in the history of Swissco. 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 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.