AsiaFinance and InsuranceOffshore

DBS moves to take control of a new liftboat belonging to bust Swissco

Singapore’s DBS Bank is moving to take control of a brand new liftboat belonging to bust compatriot Swissco Holdings.

Swissco became the latest Singapore offshore firm to seek judicial management last month.
Swissco, originally an OSV operator, diversified into rigs in mid-2014 just ahead of global oil prices plunging.

Swissco is weighed down by $147.5m in debts with just $1.2m in cash, unable to make key repayments. DBS is among its largest creditors.

The bank has moved to try and take control of the Jinshan 1, a liftboat that was delivered this summer from Triyards Marine.

Swissco’s interim judicial managers said in a release they “are taking advice and considering their options on the notice and will provide further updates as appropriate”.


Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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