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:

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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...Your Industries Online