Swissco Holdings puts Scott and English into liquidation

Swissco Holdings puts Scott and English into liquidation

Singapore’s Swissco Holdings, which is currently under judicial management, has announced that subsidiary Scott and English Energy has been put into provisional liquidation.

It was decided that Scott and English could not continue to operate due to its liabilities, and Ernst & Young has been appointed as liquidators.

Swissco, which was traditionally an offshore vessel operator, acquired the mobile drilling unit and service rig operator in July 2014 for $225m. According to Swissco at the time, the deal was supposed to give the company an entry into the offshore rig chartering business to diversify its earnings base and provide a stable, recurring income.

Swissco applied to be placed under judicial management in November 2016, and last month sold off five OSVs for just $11.2m losing $4.5m in the process.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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