30 July, 2014

Drew & Napier acted for Swissco Holdings Limited, a marine service provider for shipping and offshore oil and gas industries, in relation to its proposed acquisition of Scott and English Energy Pte. Ltd., an international rig owner, for a purchase consideration of SGD 285m to be satisfied by the allotment and issue of shares in Swissco Holdings Limited. The completion of the proposed acquisition took place on 30 July 2014.

The transaction constitutes a very substantial acquisition under Chapter 10 of the Listing Manual, and an interested person transaction under Chapter 9 of the Listing Manual. The deal is akin to a reverse takeover save that there is no change of control. As a result of the proposed acquisition, Swissco Holdings Limited will expand upstream into the offshore rig chartering business. 

Directors Shiao Ning Lam, and Mei Hui Tan led the transaction.

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