Swissco confirms Scott and English Energy acquisition

Singapore: Offshore vessel operator Swissco Holdings has announced that it has entered into a definitive sale and purchase agreement with Double Dragon Energy Holdings in relation to a proposed $225m acquisition of Scott and English Energy, an owner of mobile offshore drilling units and service rigs.

“The SPA will bring Swissco another step closer to our goal of expanding upstream into the offshore rig chartering business. Swissco's acquisition of a fast-growing international rig owner will help diversify its earnings base and provide us with a stable, recurring income. In addition, the Acquisition will lead to cost synergies and enhance our operational offering,” said Alex Yeo, ceo of Swissco.

“By adding our drilling units and service rigs to Swissco’s fleet of vessels, we will be able to offer current and potential oil and gas customers a comprehensive range of services. With an integrated base of operations, we can continue our expansion into key markets and build our portfolio of quality assets to ride on the positive momentum of the offshore oil and gas industry,” said Chua Wei Teck, CEO of Scott and English. [01/04/14]

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