Swissco acquires additional rigs for a stronger upstream presence

Offshore staff

SINGAPORE – Swissco Holdings Ltd. has acquired four additional mobile offshore drilling units (MODU), bringing its fleet of rigs to eight. The MODUs have up to two-year contracts totaling $94.8 million in value and are being deployed to Latin America.

Mr. Kelvin Tang, group chief investment officer of Swissco, said: “Our expansion into the upstream continues to gain momentum with the completion of this acquisition. In a span of about two months since we acquired the rig business of Scott and English Energy Pte Ltd, we have doubled our rig count. Our strategy of acquiring cost-efficient and good quality rigs and deploying them in high-demand areas such as Latin America enables us to optimize our investment within a short period of time. As we now have a significant presence in this region, where the oil fields have substantial reserves, our management is confident that our rigs will be able to receive new long-term contracts once the existing contracts expire.”

10/1/2014

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