Swissco

Swissco: Has ordered 3 OSVs for $27m which will be built in Guangzhou, China, and are expected to be delivered to the Group by the end of 2012. These OSVs are expected to be deployed in the Middle East supporting the O&G sector. Co owns a fleet of 38 OSVs and expects 5 more in 2011 and with this order, another 3 in 2012. Co notes that even though charter rates have not fully recovered from 2008's crisis, co is positioning itself for recovery.