Swissco gets nod for Scott & English deal

SWISSCO Holdings yesterday received the go-ahead from its shareholders for the "very substantial acquisition" of privately owned oil and gas contractor Scott & English Energy for about S$285 million.

Alex Yeo, Swissco group chief executive officer, said: "This acquisition combines the expertise, know-how and track record of Swissco, a leading marine service provider, with the sourcing capabilities and industry connections of Scott & English Energy, a fast-growing international rig owner."

He added that the acquisition would lead to operational synergies, enabling the group to achieve a stable and recurring income stream.