Swissco completes disposal of bulk of offshore support vessels business

MARINE company Swissco Holdings has completed the disposal of a substantial part of its offshore support vessels division. Its judicial managers have also been discharged from their appointment by the High Court for one of its subsidiaries, Swissco Offshore Pte Ltd .

The OSV business disposal involved six of the group’s subsidiaries including SOPL, Swissco International , Swissco Maritime , Swissco Ship Services , Swissco Asia and Singapore Marine Logistics . The subsidiaries had entered into a master sale and purchase agreement with Allianz Middle East Inc on Dec 6, 2018.

The disposal was meant to help reduce the group's liabilities, including all the issued and paid-up ordinary shares in the capital of SOPL and SM Log; as well as a 49 per cent stake in SW Marine held by Swissco International.The disposal also comprised the sale of vessels owned by SOPL, SMPL, SSSPL, SAPL and SM Log; as well as

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