Stock News: Swissco Int expands fleet!

Swissco International said its unit Swissco Offshore Pte Ltd has ordered two new vessels to expand its fleet and meet growing demands of its customers in the oil and gas industry. Swissco Offshore has ordered the construction of an anchor handling tug from a Chinese Shipyard in China. This vessel is scheduled for delivery in the second half of 2007. The second order was for the construction of an offshore barge, with the contract awarded to another Chinese shipyard in Nanjing. The barge is designed for heavy deck loading capability that can meet heavy load requirements in offshore work. The barge which is scheduled to be delivered this year. The purchases will be funded through combination of internal funds and bank borrowings