Swissco secures charter contracts worth approximately $119 million

Swissco secures charter contracts worth approximately $119 million

SINGAPORE -- Swissco Holdings has entered into a JV with Union Offshore to secure a charter contract for up to a seven-year period to support an oil company in Asia Pacific. The value of this contract is worth up to $115 million.

The JV has entered into a Memorandum of Agreement to acquire and own an offshore service unit to meet the requirements of the charter contract. The offshore service unit is expected to be deployed initially in the offshore oil and gas fields in Asia Pacific around the first quarter of 2015, after its refurbishment and upgrading.

The mentioned charter is expected to have a positive impact on the group’s earnings per share or net tangible assets per share for fiscal year 2015.

The group has also secured another twelve-month charter contract for a multipurpose vessel in the Middle East. The total value of the contract is worth approximately up to $3.87 million.