#swissco

Namely, the company, which is currently under judicial management, is selling its OSV fleet to an affiliate of UAE’s Allianz Middle East Ship Management.

According to Swissco’s stock exchange filing, the vessels are being sold on an “as-is where-is” basis. Only three of the 25 vessels proposed to be disposed of are currently on charter, while the remainder of the units are not under charter and are minimally utilised or unutilised by the group.

A batch of 21 units would be sold for USD 20.5 million, while the remaining four vessels would be disposed for a further USD 8.5 million if the company exercises the options to purchase these units.

The vessels involved in the agreement, scheduled to be finalized before the end of February 2019, include anchor handlers, workboats, barges, and utility tugs.

Press Releases: Swissco Holdings

Photo Courtesy: Swissco Holdings

The post Swissco Reaches Deal to Sell Most of Its Vessels appeared first on Maritime Manual.

Newchic #15 by sandralalala featuring open toe sandals ❤ liked on Polyvore

Newchic #15 by sandralalala featuring lacy tops ❤ liked on Polyvore

Swissco Holdings Scrapped value

Swissco’s current share price implies that six of the nine rigs that it operates will be scrapped, with further impairment of c.US$170m. We believe this is too bearish.

FY16 is a watershed year for Swissco and all eyes are on FY17, when its maiden liftboat contribution should start to fill the gap left by drilling.

Cash flow is tight and we forecast that net gearing will inch up to 0.75x in FY16,…

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