Rongsheng rig purchasers revealed

Singapore: The closely guarded identity of the company behind last week’s SeaShip News scoop regarding first rig orders at China’s largest private yard has been revealed. Singapore-listed Swissco Holdings, via its wholly-owned subsidiary, Seawell Drilling, has entered into a subscription and shareholders' agreement with Golden Arch Worldwide Offshore and Pulau Investments.

The parties will subscribe for shares in Rockwood Asset Holdings Limited, a company incorporated in the British Virgin Islands.

The special purpose vehicle (SPV) is primarily to enter into engineering, procurement and construction (EPC) contracts for oil rigs. The SPV will enter into an EPC contract with Jiangsu Rongsheng Heavy Industries for the construction of a rig with an option for one more.

Swissco has also entered into a mandatory convertible loan agreement with Golden Arch who will loan up to US$8,248,500. Golden Arch is headed up by Zhang Jiping, a former energy man, who hails from Jiangsu, the same province as the founder of Rongsheng, Zhang Zhirong.  [25/03/13]


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