Five Swissco vessels sold

The judicial managers of bust Swissco Holdings have found buyers for five OSVs for $11.2m.

The 2013-built accommodation workboat Swissco Venus has gone to an unnamed buyer, while the Selat Goodman, Selat Topman, Selat Hope and Swissco Opal have been taken by Dubai’s Selat, which already had the quartet on bareboat through to the end of next year.

Swissco will incur a $4.5m loss from the sale of the five vessels, but the firm’s court appointed managers felt the capital raised would help keep Swissco alive.

Swissco has been under judicial management – Singapore’s version of Chapter 11 – since April this year, joining a host of other struggling OSV names.

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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