Ezion in discussions to take over Swissco JV rigs

Ezion in discussions to take over Swissco JV rigs

Ezion Holdings is in discussions with the interim judicial managers of Swissco Holdings to try and snap up four bargain rigs it has in a joint venture. The managers of Swissco admitted discussions are ongoing in a release to the Singapore Exchange, although it did not confirm a price mentioned in the local Business Times which put the deal at just over $16m.

Swissco sought judicial management in Singapore last November with debts of around $150m.

Originally an OSV operator, it was Swissco’s decision to diversify into pricey rigs in 2014 that helped lead to its downfall.

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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