Singapore: Swissco Holdings has incorporated a new subsidiary company, Liftboat 1 International, in Singapore for the ownership and chartering of the liftboat acquired by the group last year.
Liftboat 1 International was set up by S&E Services Investments, which is part of Swissco-owned Scott and English Energy.
Swissco purchased the lift boat for $56m in September 2014. The vessel is currently under construction at Triyards for delivery in just under two years, and is the first such vessel in Swissco's owned fleet.
"In recent years we have seen an increase in demand for liftboats in southeast Asia. With oil and gas majors stepping up their exploration and production activities to satisfy the regional energy demand, Swissco is looking to tap into new opportunities provided by the liftboat market, which remains relatively under-penetrated in this region,” Alex Yeo, group CEO of Swissco, said at the time of the acquisition. [14/01/15]