Swissco Offshore had completed disposal of Swissco Venus, a vessel which was mortgaged to Credit Suisse  AG under a banking credit facility to an unknown purchaser on a willing-buyer willing-seller sales price of USD 7.27 Million. The valuation report for the vessel was done by Ritchie & Bisset (Far East) Pte Ltd which valued the vessel in between USD5.4 to USD 9 Million.

On a separate transaction, Swissco disposed of 2 accommodation workboats (Vessel SELAT TOPMAN and SELAT GOODMAN) and 1 anchor handling tug (SELAT HOPE) to an unknown purchaser to fulfil its obligation to CIMB Bank Berhad under certain banking credit facilities as part of the mortgage. In addition, the Company is also disposing 1 anchor handling tug (Vessel SWISSCO OPAL) as part of its mortgage under certain banking credit facilities provided by RHB Bank Berhad. The aggregate value for the ‘Selats’ vessel after impairment was USD 2.45 Million on a willing-buyer willing-seller basis.

Swissco further noted that the aggregate sale proceeds of USD 11.2 Million against the net book value of the vessels of USD 15.7 Million will result in an estimated loss of about USD 4.5 Million. In addition, Swissco had also commenced the disposal of one of its vessel, the CORAL KNIGHT. The low sales proceed could be attributed to current lacklustre in the oil and gas industry which significantly affect shareholders assets.

EditorEnergyMarine & OffshoreOil & Gasgas,oil,osv,petroleum,Singapore,swisscoSwissco Offshore had completed disposal of Swissco Venus, a vessel which was mortgaged to Credit Suisse  AG under a banking credit facility to an unknown purchaser on a willing-buyer willing-seller sales price of USD 7.27 Million. The valuation report for the vessel was done by Ritchie & Bisset (Far...