White knight swoops for Swissco’s OSV business

A Singapore venture fund has swooped to pick over the carcass of bust Swissco Holdings.

Swissco’s judicial managers have approved a $28.5m offer Asian Strategic Turnaround Ventures to take over Swissco’s OSV business. The fund will take on 26 OSVs plus three Swissco companies

Swissco entered into judicial management last November after the listed company registered a $296m quarterly loss. A number of other Singapore firms in the offshore sector have also sought judicial management, the Asian republic’s version of chapter 11.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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