Singapore-listed Swissco Holdings Ltd., a marine service provider for the offshore oil and gas industry, has entered into a definitive sale and purchase agreement (SPA) in relation to a proposed $225 million (SGD 285.0 million) acquisition of Scott and English Energy Pte. Ltd. The SPA was signed with Double Dragon Energy Holdings Ltd. for the acquisition of the entire issued and paid-up share capital in Scott and English.
Commenting on the transaction, Alex Yeo, CEO of Swissco, said, “The SPA will bring Swissco another step closer to our goal of expanding upstream into the offshore rig chartering business. Swissco's acquisition of a fast-growing international rig owner will help diversify its earnings base and provide us with a stable, recurring income. In addition, the acquisition will lead to cost synergies and enhance our operational offering.”
Scott and English is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production activities.
With respect of the acquisition, UOB Kay Hian Private Ltd. has been appointed as the sole financial adviser, and Provenance Capital Pte. Ltd. has been appointed as the independent financial advisor on the transaction.