Swissco Holdings, Singapore’s embattled Marine & Offshore player, together with the Judicial Managers announced on September 18th 2017 that it had entered into a Sales & Purchase Agreement (SPA) with Asian Strategic Turnaround Ventures Pte Ltd (The Purchaser), in relation to the proposed disposal of a substantial part of its OSV division.

The proposed disposal include the 26 vessels owned by the group of which 10 are currently under contract and 16 out of the 26 vessels were currently mortgaged for financial and credit facilities. The purchaser were un-related with the group. Currently Swissco has received USD 3.15 Million with the remainder USD 25.35 Million to be paid by the Purchaser upon completion and the Purchased had agreed to provide USD 4 Million loan to Swissco in relation to release a certain mortgage facility.

The rationale behind this decision was to reduce Swissco liabilities. Based on this transaction, Swissco is expected to make a net loss of USD 12.7 Million by disposing these 26 vessels as the net book value of these assets are approximately USD 41.2 Million based on Swissco management account.

Details of the vessels being disposed are as follow:

Swissco OSV Vessels for Disposal

Vessel Owner (Swissco Subsidiary)Vessel NameVessel TypeStatus
Swissco Asia Pte LtdSwissco SuperiorAHTMortgaged
Swissco Asia Pte LtdSwissco SapphireAHTMortgaged
Swissco Asia Pte LtdSwissco 55Barge
Swissco Asia Pte LtdSwissco SentosaUtility Tug
Swissco Asia Pte LtdSwissco SwiftAHTMortgaged
Swissco Maritime Pte LtdSwissco SearcherUtility Tug
Swissco Maritime Pte LtdSwissco ServerUtility Tug
Swissco Offshore Pte LtdSwissco OnyxAHTSMortgaged
Swissco Offshore Pte LtdSwissco PantherCrew BoatMortgaged
Swissco Offshore Pte LtdSwissco TopazAHTMortgaged
Swissco Offshore Pte LtdSwissco SummitMPV
Swissco Offshore Pte LtdSwissco 48WorkboatMortgaged
Swissco Offshore Pte LtdSwissco NeptuneWorkboatMortgaged
Swissco Offshore Pte LtdSwissco 282Barge
Swissco Offshore Pte LtdSwisso GarnetAHTMortgaged
Swissco Offshore Pte LtdSwissco SupplierAHTMortgaged
Swissco Offshore Pte LtdSwissco SealCrew Boat
Swissco Offshore Pte LtdSwissco SurfUtility Tug
Swissco Offshore Pte LtdSwissco SynergyMPVMortgaged
Swissco Ship Services Pte LtdSwissco Jupiter 1WorkboatMortgaged
Swissco Ship Services Pte LtdSwissco SingaporeAHTMortgaged
Swissco Ship Services Pte LtdSwissco SupporterWorkboatMortgaged
Swissco Ship Services Pte LtdVM PioneerAHTSMortgaged
Swissco Ship Services Pte LtdSwissco RubyAHTSMortgaged
Swissco Ship Services Pte LtdSwissco SunriseShallow Water Multicat
Singapore Marine Logistics Pte LtdSMLog 180Barge

 

escveritasEnergyMarine & Offshoregas,oil,osv,petroleum,Singapore,swisscoSwissco Holdings, Singapore's embattled Marine & Offshore player, together with the Judicial Managers announced on September 18th 2017 that it had entered into a Sales & Purchase Agreement (SPA) with Asian Strategic Turnaround Ventures Pte Ltd (The Purchaser), in relation to the proposed disposal of a substantial part of...