Swissco expands fleet with four more vessels

Swissco Offshore Pte Ltd, the wholly owned subsidiary of Singapore-based Swissco International Ltd, has placed orders for four new vessels to add to its growing fleet of offshore support vessels, at a cost of S$11.2m ($7.7 million) including owner

supplied items. Out of the four vessels that have been ordered, the first order is for two identical 36 metre multi-purpose offshore utility vessels to be built at a shipyard in Guangzhou, China. The Group has established a long-term relationship with this yard since 2003 and delivery is slated for 1H09.

The second order for two 26 metre multi-purpose workboats was placed with a Miri shipyard in East Malaysia for delivery in 2H08. The attributes of these vessels

make them well equipped for work in shallow waters, oil & gas, as well as in marine

construction.

Alex Yeo, CEO of Swissco, explains, ???We have stayed focused on catering to a

Niche market in the offshore support vessels market and these new orders reaffirmed our

commitment to provide our customers with a diverse fleet of offshore support

vessels.?? The Group presently operates a fleet of 25 vessels and expects to take

delivery of five before the end of 2007, twelve in 2008 and two in 2009.