Swissco sale of 5 vessels raises US$11.2m

Singapore

THE judicial managers of Swissco Holdings said on Tuesday that the sale of five offshore support vessels (OSVs) by wholly owned subsidiaries had raised US$11.2 million in aggregate proceeds to pay down bank debts on the books of the financially distressed offshore and marine group.

The disposals of the five vessels would have resulted in a net loss of about US$4.5 million based on the vessels' net book value of about US$15.7 million as at Sept …