Swissco offloading 25 vessels to Allianz Middle East

Singapore’s Swissco, currently under judicial management, has agreed to sell the majority of its fleet of vessels to Allianz Middle East for $20.5m.

The sale sees Allianz acquire 21 vessels and options for four additional vessels, all anchor handlers, owned by Swissco for a further $8.5m.

The 25 vessels involved in the deal include nine anchor handlers, four workboats, three barges, and three utility tugs.

Completion of the deal is expected before the end of February 2019.

Swissco went into judicial management in November 2016, after its restructuring plans were rejected by lenders.