Swissco acquires its first liftboat
SGX Mainboard - listed Swissco Holdings Limited , an integrated, international marine services provider , today announced it has acquired its first liftboat for approximately US$56 million, the company said in its press release. The self - propelled liftboat, which will be owned and managed by the Group, is expected to be completed within two years and deployed in Southeast Asia.
The contract , signed with a Southeast Asian shipyard, inc ludes owner - supplied equipment. The lift boat will be able to operate in water depths of up to 70m and has accommodation for 120 offshore personnel.
Mr. Alex Yeo, Group Chief Executive Officer of Swissco, said: “This marks our foray into the liftboat market, and is significant in strengthening the Group’s position as a fully - integrated offshore marine player – one of the few in the industry. Acquiring our first liftboat allows us to expand and diversify our exis ting fleet, and enhances our value proposition to our oil and gas customers as a comprehensive marine services provider. “ Moreover, in recent years we have seen an increase in demand for liftboats in Southeast Asia. With oil and gas majors stepping up th eir 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 underpenetrated in this region. ”
According to the International En ergy Agency, Southeast Asia’s energy demand is expected to increase by more than four - fifths in the period leading up to 2035. National oil companies such as Petronas has committed to ramping up its capital expenditure to a minimum of RM300 billion from 2011 to 2015 . Indonesia is also looking to replace drying oil wells with new ones, having under - invested in this sector since the financial crisis of 1998.