Swissco adds four more rigs

Singapore: SGX Mainboard-listed Swissco Holdings has completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. The rigs have up to two-year contracts worth about $94.8m and are being deployed in Latin America.
 
Kelvin Tang, group chief investment officer of Swissco, said: “Our expansion into the upstream continues to gain momentum with the completion of this acquisition. In a span of about two months since we acquired the rig business of Scott and English Energy Pte Ltd, we have doubled our rig count. Our strategy of acquiring cost-efficient and good quality rigs and deploying them in high-demand areas such as Latin America enables us to optimise our investment within a short period of time.”
 
Tang went on to hint at further acquisitions soon.  [02/10/14]

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