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 (OSV) division. The judicial managers of Swissco subsidiary - Swissco Offshore Pte Ltd (SOPL) - have also been discharged from their appointment by the High Court.

The OSV business disposal involved six of the group's subsidiaries including SOPL, Swissco International (SIPL), Swissco Maritime (SMPL), Swissco Ship Services (SSSPL), Swissco Asia (SAPL) and Singapore Marine Logistics (SM LOG).

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 (M) held by Swissco International.

The disposal also comprised the sale of vessels owned by SOPL, SMPL, SSSPL, SAPL and SM Log; as well as Swissco Garnet, one of four vessels subjected to a put option by SOPL.

Following the disposal, the High Court has ordered that the judicial managers of SOPL, Ee Meng Yen Angela and Purandar Janampalli, to be released and discharged from their appointment.

This was after they had overseen the survival of SOPL, or the whole or part of its undertaking as a going concern; the scheme of arrangement between SOPL and its creditors; and the "more advantageous realisation" of SOPL's assets as opposed to it being wound up and liquidated.

Swissco shares are suspended from trading.