SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

SWISSCO
SAILING THE SEAS OF SUCCESS
Swissco International Limited 2004 Annual Report

CORPORATE MILESTONES
1970 Founding of Sea Well Industrial and Ship Supply Company with a rented office at Cantonment Road, Singapore
1973 Due to increased sales and for better control of delivery of ship supplies, we acquired our first Out Port Limit (OPL) boat.
1975 Incorporated Swissco Offshore (Pte) Ltd to assume the growing operation of OPL marine logistics business. The
company also moved into its own office at International Plaza, Singapore.
1980’s The Company emerged from the recession in the mid 1980’s to become one of the leading operators of OPL boat
and marine logistics services. We had also discontinued our ship supply business in favour of the OPL marine logistics
business.
1990 We acquired our first offshore support vessel to expand our services into the regional oil and gas industry. Soon after
we also acquired our first barge as there was an increasing demand for our services.
1995 We relocated to our own waterfront yard and office at 9 Pandan Road, Singapore. The site provided us with our own
base for our increasing fleet as well as fabrication and warehousing facilities.
1996 Founded PT Swisko Berjaya in Indonesia together with other partners to meet the needs of the oil and gas industry,
marine infrastructure and mining industry within Indonesia.
1997 Acquired 2 additional new tugs to support the operations.
1998 Started our offshore fleet renewal with the delivery of 2 new vessels. We also acquired our repair facility at 60 Penjuru
Lane, Singapore with its 3,000 DWT dry dock to venture into ship repair business. These facilities are operated by
Singapore Marine Logistics Pte Ltd.
2000 Expanded our ship repair and maintenance capability with the acquisition of 58 Penjuru Lane, Singapore, with 2
slipways. This enabled us to operate more efficiently as well as offer our customers more flexibility.
We incorporated Swissco Offshore Ltd to hold our foreign-flagged vessels.
2002 Incorporated Regional Marine Services Pte Ltd to engage in business of supplying ships with spares, stores and other
provisions.
2003 Together with other partners, we incorporated Swisko Marine (Malaysia) Sdn Bhd and Asia Pacific Marine Ltd to cater
to Malaysia’s growing oil & gas industry.
2004 On 29 January, we incorporated Swissco International Limited as a public company limited by shares.
On 16 November, the Company was admitted to the Singapore Exchange Securities Trading Limited Dealing in
Automated Quotation System (“SGX-SESDAQ”), bringing the Group onto the next level of growth.
CONTENTS
Group Structure 01
Chairman’s Statement 02
Corporate Profile 04
Our History 06
Board of Directors 08
Key Management 10
Corporate Information 11
Operations Review 13
Our Vessels 14
Financial Review 16
The listing of the shares of Swissco International Limited on the SGX-SESDAQ was sponsored by Phillip Securities Pte Ltd.

GROUP STRUCTURE
100% 100%
Swissco Offshore
(Pte) Ltd
(“Swissco Offshore”)
Singapore Marine
Logistics Pte Ltd
(“SML”)
100% 99.998%
Swissco Offshore Ltd
(“Swissco Seychelles”)
Regional Marine
Services Pte Ltd (“RMS”)
(ceased operations)
30% 30% 33.33% 33.33%
Swiber Offshore Pte Ltd
(“Swiber Offshore”)
PT Swisko Berjaya
(“Swisko Berjaya”)
Swisko Marine (Malaysia)
Sdn Bhd
(“Swisko Marine Malaysia”)
Asia Pacific Marine Ltd
(“Asia Pacific Marine”)
100%
Camvale Pte Ltd
(“Camvale”)
ANNUAL REPORT 2004_1

CHAIRMAN’S STATEMENT
Dear Fellow Shareholders,
I take great pleasure to present to you the first Annual Report of our Company for the financial year
ended 31 December 2004 (“FY04”) since its incorporation on 29 January 2004. This is also my
first Annual Report that I am presenting to you as Chairman of the Swissco Group of Companies
(“the Group”).
Corporate Milestone
Our Group achieved a significant milestone in its corporate history in FY04. On
3 November 2004, we launched our Initial Public Offer (IPO) of 45 million shares. The
response from the public was excellent and we succeeded to raise twelve (12) million
dollars (including the sale of Vendor’s shares). The shares were officially traded on the
Singapore Exchange Securities Trading Limited Dealing and Automated Quotation
System (SGX-SESDAQ) on 16 November 2004. As disclosed in the IPO Prospectus,
a significant amount of the proceeds received by the Company would be used to
partially finance the acquisition of vessels in line with our fleet expansion plan and
expected to be delivered to us in FY05.
Personally, it is a gratifying year for me too. After 34 years since I founded the business,
I saw the Group attaining its new status of a listed company and in the process,
transforming itself from being a family run business to a professionally managed
corporation. I am confident that the Group would grow from strength to strength in
the years ahead.
Business Review
I am pleased to report that for FY04, we continue to maintain our profitable
performance albeit on lower turnover and profits. The drop in turnover is attributable
to the lower charter income caused by fewer vessels in operations. Because of the
buoyant marine and oil and gas industries, the demand for our vessels in the used
tonnage market was robust. We therefore took the opportunity to dispose of our older
vessels which are being replaced by new tonnages currently on order.
The Group’s lower turnover and profits came from our marine logistics support
business to the maritime and oil and gas industries. As we had fewer vessels to offer to
our customers, we had to charter in third party vessels which eroded our gross profit
margins. However, the gains made from the disposal of vessels compensated for the
lower gross margins.
I would like to take the opportunity to elaborate on the role of our associated
companies within the Group. Our associated companies engage in ship chartering
and ship engineering services in the oil and gas industry in certain geographical
segment. They utilise third party vessels as well as our vessels in their operations.
Hence, in reviewing the Group’s overall performance, cognizance should be given to
their contribution in complementing the performance of our marine logistics support
business.
SWISSCO INTERNATIONAL LIMITED_2

CHAIRMAN’S STATEMENT
“Our Group expects the marine industry to
remain buoyant in the current year. With oil
prices at current levels, growth in the oil and
gas sector would likely be sustained. “
In our other core business of ship repair and
maintenance, we recorded an increase in both turnover
and profits. As you may be aware, the maritime business
is presently enjoying an uptrend and this, in turn,
translates to more repairs and maintenance being carried
out. Together, with greater cost control efforts and
measures, we were able to improve the efficiencies of
the business. Our Group will continue to strive to achieve
greater operational efficiencies.
Strategic Growth Directions
As a newly listed Company, we are aware of the
challenges facing us. We will focus on laying the
foundation for future expansion in our growing business
sectors and at the same time, generating organic growth.
We believe that the key factors for our success would be
our ability to stay customer-focused and results-oriented
as well as being a niche player in the competitive marine
logistics support business.
During the year, the Group has begun to look in earnest
for opportunities to expand into new markets, seek
strategic alliances and increase the fleet size especially
for more specialised vessels capable to support a wider
range of services required by the offshore oil and gas
industry.
Pursuant to our fleet expansion programme and in line
with our fleet renewal policy, we will continue to build up
our fleet to strive to reach an optimal operating size.
However, considerations would be given to market
conditions in our expansion plan.
expected to cater to clients’ needs and requirements
and thus attract better charter terms due to the
wider range of services they can perform. We can
expect favourable contributions from the new vessels
progressively as and when they join the fleet.
Pivotal to the success of our business would be
operational efficiencies and vessels utilisation. In this
aspect, our Group will continually strive to achieve
greater cost and operational efficiencies and at the
same time, maximise vessels’ utilisation. Towards these
objectives, we have instituted tighter cost and credit
control programmes and introduced rationalisation
and streamlining processes in our operations within
the Group.
Our Group expects the marine industry to remain
buoyant in the current year. With oil prices at current
levels, growth in the oil and gas sector would likely
be sustained. Consequently, we expect demand for
offshore support vessels and barges as well as ship
repairs and maintenance to continue to be robust in
FY05. Hence, our Group is likely to continue to enjoy
this uptrend and can look forward to yet another
profitable year.
Acknowledgement and Appreciation
It remains for me, on behalf of the Board, to thank our
management and staff for their commitment, efforts
and contribution during the year. We would also like
to thank and acknowledge the continuing support
of our customers, shareholders, business partners
and suppliers. We look forward to their ongoing
contribution and support in the coming year as we
progress with the growth of our Group.
Yeo Chong Lin
Chairman
Our Group will also be exploring with our business
partners to restructure our associated companies, which
have been playing a vital role in support and growth
of our business, to optimise the contributions made by
them.
Business Outlook
As part of our fleet expansion programme and in line
with our fleet renewal policy, we will be taking delivery of
14 vessels throughout FY05. The new vessels comprise 5
barges and 4 offshore boats being built in China, 4 work
boats in Singapore and 1 work boat in Malaysia. Upon
delivery of the 14 vessels, they will join our existing fleet
and this will bring our fleet size to over 32 vessels by
year end. The new buildings being specialised vessels are
ANNUAL REPORT 2004_3

CORPORATE PROFILE
Our Group
Swissco International is a Singapore-based marine company that provides marine
services to the shipping and offshore oil and gas industries. Our Group owns, operates
and charters offshore support vessels, OPL boats, tugs and barges in support of our
customers’ marine logistics needs. Together with our waterfront facility, which includes
fabrication and warehousing located in Singapore, we offer our customers with a
complete solution to their marine and shipping requirements.
Our ship repair and maintenance yards in Singapore, with two slipways, a waterfront
and a 3,000 DWT dockyard, have the capacity to carry out both dry docking and afloat
repairs for a clientele base of smaller to mid-sized capacity support vessels.
Our well-equipped facilities, coupled with an experienced workforce enable us to
release our customers’ vessels back into operations faster than our competitors,
thereby reducing vessel downtime.
Besides operating in South East Asian countries such as Indonesia, Malaysia, Vietnam
and Thailand, Swissco’s vessels have been deployed by its charterers in regions as far as
East Africa and Japan.
Our Philosophy
To provide clients with the most comprehensive service to meet all their marine
support logistics needs.
Our Customers
• Companies from the oil and gas, shipping and other marine infrastructure
industries, who charter our offshore support vessels to transport cargo fuel and
potable water to their offshore facilities.
• Local and international ship owners and their local handling agents who charter
our OPL Boats to transport stores, equipment, provisions and crew to vessels
passing Singapore at OPL.
• Seismic surveyors, dredging and mining operators who charter our vessels for
escort and to serve as a guard to prevent collision with oncoming vessels during
seismic survey and dredging operations. Similarly, our vessels are also
deployed to perform salvage or pollution control operations.
Our Services
Offshore Support Services
The oil and gas industry is currently seeing a revival in activities which has not
been seen in the last 25 years. The oil and gas industry within this region has seen a
growth of activities. Oil and gas companies utilise offshore support vessels, tugs and
barges for a variety of work. These include seismic work, exploration, production and
maintenance operations. These vessels are chartered from owners and operators
such as our Company. Our offshore support vessels then carry our towages, transport
personnel, cargo, supplies (including spare parts and equipment), carry out standby
duties and anchor handling.
With our own waterfront yard with fabrication and warehousing in Singapore, we
are also able to offer oil and gas companies engineering and storage services due
to Singapore’s strategic location as a logistics center. Not only do we charter out our
offshore support vessels, we are able to provide logistics, engineering and other
marine services to these customers during their mobilization or de-mobilization.
Depending on the nature of the requirements at different stages of development of
the oil and gas industry, vessels of different capacities (e.g. physical size, horsepower or
characteristics) are used.
SWISSCO INTERNATIONAL LIMITED_4

CORPORATE PROFILE
Out Port Limit (OPL) Shipping Services
With the advantage of being strategically located between the East and West shipping
routes, the Port of Singapore has become one of the world’s busiest ports. Ships calling
at Singapore port to load or unload cargo constantly require marine support services
such as heavylift operations, afloat repairs, supplies and barge services. Ships passing
Singapore on their way to the next port also use Singapore for their re-supply of fuel,
water, provision and crew change at OPL.
Being one of the pioneer operators in this field, we currently have a fleet of OPL Boats
with different characteristics to cater to the different needs of our customers. We
provide ship owners and local shipping agents with services to commercial ships
passing Singapore at OPL. We are also able to facilitate repair works and changing of
anchor and chains with our range of OPL Boats and barges. Coupled with our own
warehousing facilities, forklifts, cranes and land transport vehicles, we are able to add
value to the range of marine logistics services offered to our customers.
Ship Repair and Maintenance
Singapore’s strategic location on the international shipping route as well as being
the leading logistics player in the region ensures a heavy volume of mercantile traffic
passing through Singapore. These vessels involved would require regular repair and
maintenance to ensure their seaworthiness and to meet certification requirements.
Our subsidiary, SML operates our ship repair and maintenance yards at 58 and 60
Penjuru Lane, Singapore.
With 2 slipways, a waterfront and a 3,000 DWT dry dock, our facilities cater to our
market niche of smaller to mid-sized capacity vessels plying this region. Our customers
here are generally owners of tugs, barges, small tankers and other smaller crafts.
Despite competition from yards located in neighbouring countries, we have been able
to remain competitive due to our higher productivity and specialisation in this market
niche. Singapore’s status as a logistics hub also ensures spares and equipment are
competitively priced and available to help reduce vessel downtime for owners while
we carry out repairs. This enables us to release the owners’ vessels back into operations
faster. We also build tugs and barges for our own use and for other customers to
complement our ship repair and maintenance services.
Competitive Strengths
Young fleet of offshore support vessels
• We have a policy of operating a young and modern fleet of offshore support
vessels, with an average age of about 4 years
• It enables us to enter the higher value added sector of the business
Pioneers in the OPL business
• As one of the pioneers in the OPL business, we have built a good track record
and reputation
• We have the ability to expand our customer base and enter into new businesses as
opportunities arise
Well-established business relationships with our suppliers and customers
Ability to provide competitively-priced, value added services to customers
• We retain and secure new customers by being competitively-priced and by offering
value added services such as the use of our private wharf facility, material handling
equipment, machinery and warehouse
• High utilisation rates for our dockyard, afloat repair facilities and offshore support
vessels
Dedicated, competent and experienced management team
• Executive Chairman, Mr Yeo Chong Lin has been in this business since 1972 and is
one of the pioneers in the marine logistics business in Singapore
• Together with our key executives, Chief Executive Officer Mr Alex Yeo Kian
Teong and Managing Director of SML, Mr E K Lim, they have 64 years of collective
experience and expertise in the industry
ANNUAL REPORT 2004_5

OUR HISTORY
Our corporate history began with the establishment
of Sea Well Industrial and Ship Supply Company as a
sole proprietorship in 1970. In 1972, our founder Mr
Yeo Chong Lin took over the helm of Sea Well Industrial
and Ship Supply Company after a 19 year career with
the then Singapore Harbour Board (predecessor
of the Port of Singapore Authority). We started as a
marine supply business or shipchandlers. We supplied
commercial ocean-going ships calling at the Port of
Singapore with items ranging from ship spares, stores,
provisions to other consumable goods. Our first office was a rented shop
house in Cantonment Road.
In our initial years, we hired third party boats to convey our supplies or
officers and/or crew of our customers to their ocean-going ships. We then
decided that for better operational control and efficiency, we should own
and operate our own OPL boats. Thus in 1973 we acquired our first OPL boat.
During this period we saw the growth of oil drilling activities in this region
and extended our marine supply services to these oil rigs/platforms.
In October 1975, we incorporated Swissco Offshore to assume the growing
business of marine logistics in the operation of the OPL Boats. “SWISSCO” is
the acronym of “Sea Well Industrial and Ship Supply Company”. In the same
year, we moved to our own office at International Plaza with warehousing
facility in Pasir Panjang. Due to increasing competition and dwindling profit
margin, we discontinued our business in providing shipchandling services in
the 1980s to focus on the more profitable marine logistics business.
We emerged from the recession in the mid 1980’s to become one of the
leading operators of workboats serving the special niche of OPL marine
logistics, including crew change services.
In 1990, we acquired our first offshore supply tug to expand our services
to the regional oil & gas industry. Soon after, we acquired our first barge
to complement our offshore support capability. The robust growth in this
industry during this time created an increasing demand for offshore support
vessels. Consequently, we decided to expand our fleet of tugboats and barges
with the acquisition of two new tugs in 1997 and two offshore support
vessels in 1998.
In 1995, we relocated to 9 Pandan Road. This site occupies approximately
18,000 m2 of leased land from Jurong Town Corporation with a stretch of
approximately 100m long waterfront. This resulted in our Company gaining
waterfront access to base our growing fleet of tugs and barges as well as
shipbuilding and afloat repair activities. It also afforded ample space for our
Company to provide warehousing facilities as a value added service to our
clients. We built our first barge at a third party yard in the early 1990s, and
completed the construction of our first barge at
our own shipyard sometime in the mid 1990s. We
build our own barges for charter and sale and are
constantly renewing and expanding our fleet of
vessels.
In 1996, Swisko Berjaya was incorporated with
other partners in Indonesia to further the reach of
SWISSCO INTERNATIONAL LIMITED_6

OUR HISTORY
our business to support the marine logistics needs of the fast growing oil and
gas industry, marine infrastructure and mining industries within Indonesia.
Together with Swiber Offshore, Swisko Berjaya presently owns and operates
a fleet of two tugboats, two barges and one offshore support vessel, and also
charters tugs and barges from Swissco Offshore and other third parties for
use in its operations.
In 1998, we acquired 60 Penjuru Lane with a 3,000
DWT dry dock to venture into ship repair business.
Subsequently we acquired two slipway facilities at 58
Penjuru Lane in 2000. These facilities are presently
operated by SML. With two slipways and a 3,000 DWT
dry dock we are able to cater to the increasing volume
of ship repair and maintenance work for our own
vessels as well as for other ship owners.
In preparation for the expected continued growth in
this region, we have established a presence in Malaysia
in joint venture companies with local partners in 2003.
Swisko Marine (Malaysia) and Asia Pacific Marine (a company registered in
Labuan) are our associated companies which were incorporated in Malaysia
in 2003 as contractors to provide marine services.
In 2000, we decided to transfer our vessels which were registered in foreign
flag-states to be registered in the Republic of Seychelles, and accordingly we
incorporated Swissco Seychelles on 24 May 2000 to hold our foreign-flagged
vessels. This company is a subsidiary of Swissco Offshore.
On 2 October 2002, we incorporated RMS as a subsidiary of SML to engage in
business of supplying ships with spares, stores and other provisions. However,
we decided to cease the operations of RMS as of 31 March 2004, and to
liquidate RMS once all outstanding debts owed by debtors to RMS have been
settled.
As at year end, the Group owns and operates a total fleet size of 19 vessels/
barges. We have expanded our business over the years to cater to the
demands of local and international ship owners and their handling agents
and contractors, by providing a range of comprehensive services. Our
customers are now able to charter our OPL Boats to transport their stores,
spare parts, provisions and crew to and from vessels passing Singapore at
OPL.
With ownership of the entire supply chain of boats, land transport, warehouse
and yard storage and material handling facilities, we are able to offer our
customers a one-stop solution to meet their needs for marine logistics
services.
ANNUAL REPORT 2004_7

BOARD OF DIRECTORS
Mr Yeo Chong Lin
Chairman
Mr Alex Yeo Kian Teong
Chief Executive Officer
Mr Phillip Chan Yee Foo
Independent Director
Dr Chiang Hai Ding
Independent Director
Mr Rohan Kamis
Independent Director
SWISSCO INTERNATIONAL LIMITED_8

BOARD OF DIRECTORS
Mr Yeo Chong Lin is our Executive Chairman. He is responsible
for the Group’s long-term growth and development,
and oversees its management. He is responsible for the
development of the overall business strategy and expansion of
our Group. He was appointed to the Company’s Board upon its
incorporation on 29 January 2004.
Mr Yeo Chong Lin founded Swissco Offshore in 1975. He
has been responsible for the overall management, strategic
planning and direction of our Group since 1972 when he
took over the helm of the predecessor of Swissco Offshore,
Sea Well Industrial and Supply Company which was a sole
proprietorship. Prior to 1972, Mr Yeo Chong Lin worked
with the then Singapore Harbour Board (predecessor of
the Port of Singapore Authority) for 19 years. He joined the
Singapore Harbour Board after obtaining his secondary school
qualification.
Mr Yeo Chong Lin has played a pivotal role in steering the
growth of our Group with his 33 years of experience in the
marine logistics industry. He has led our Group by exploring its
opportunities in the marine logistics industry by supplying the
needs of shipping lines in this region. He has been instrumental
in building up a good track record and reputation for our
Group. He has also successfully implemented a strategy to
provide a comprehensive range of services to meet all the
customers’ marine support and logistics needs at competitive
terms, with prompt, reliable and efficient service at all times. The
range of services available to the Group’s customers includes
the provision of ship repair and maintenance services.
Mr Alex Yeo Kian Teong is our Chief Executive Officer and
was appointed as a Director on the Company’s incorporation
on 29 January 2004. He is overall responsible for the day-today
management and operations of our Group. He assists the
Executive Chairman in developing and implementing business
strategies. He takes charge of the sales and marketing for key
customer accounts, and the purchasing and procurement
activities of our Group. He is also overall in charge of the
financial, corporate and administration matters of our Group. He
is also responsible for the effective management of the Group’s
regional operations and expansion.
Mr Alex Yeo Kian Teong graduated with a Bachelor of Science
in Business Administration from the University of San Francisco,
and joined Swissco Offshore in 1992 after his graduation and
completion of his national service, initially as an Operations
Executive. He assumed the role of Operations Manager in 1994
and oversaw the marketing of our Group’s business. In 1996, he
co-founded Swisko Berjaya to establish our Group’s presence
in Indonesia. He has been with our Group for 12 years and has
been responsible for identifying reliable and capable partners
to team up with them to expand and manage our overseas
operations. He is the son of our Executive Chairman.
Mr Phillip Chan Yee Foo is an Independent Director of the
Company and is the Chairman of our Remuneration Committee.
He was appointed as a Director on 7 June 2004.
He worked for Neptune Orient Lines Ltd (NOL) for over 25 years
from January 1974 to June 1999. His last executive appointment
at NOL was Divisional Head of the Administration Division from
1 January 1988 to 30 June 1999. He was appointed Consultant,
NOL from 1 January 2000 to 31 December 2000 and from 1
February 2001 to 31 July 2001. Presently, he is a Director of
Essen Pte Ltd.
Mr Phillip Chan Yee Foo holds a degree of Bachelor of Law
(Honours) from the University of London and a Diploma in
Management Studies with Distinction from the University of
Chicago Graduate School of Business in association with the
National Productivity Board, Singapore (now known as SPRING
Singapore). He completed the Programme in Management
Development at the Harvard University Graduate School of
Business Administration in Boston, USA.
Dr Chiang Hai Ding is an Independent Director of the
Company and Chairman of our Nominating Committee. He
was appointed as a Director on 7 June 2004. Dr Chiang Hai
Ding worked as an Economic Adviser to the CEO of Neptune
Orient Lines Ltd from 1995 and later as Advisor (part-time) to
Chairman & CEO till 2002. Since 2001 he has been the Director
(part-time) of SAGE Counselling Centre (SAGE stands for
Singapore Action Group of Elders) which is a voluntary welfare
organisation for the elderly.
Dr Chiang Hai Ding was a university lecturer from 1963 to 1971,
an elected Member of Parliament from 1970 to 1984, a banker
from 1973 to 1978, and a Singapore Ambassador to Malaysia
from 1971 to 1973 and to, among others, Germany, European
Union, USSR and Egypt from 1978 to 1994.
Dr Chiang Hai Ding holds a BA from Singapore and Ph.D. from
the Australia National University, Canberra (1963). He holds a
graduate diploma in Gerontology from Simon Fraser University,
Vancouver, BC Canada (2001).
Mr Rohan Kamis is an Independent Director of the Company
and Chairman of our Audit Committee. He was appointed
as a Director on 7 June 2004. Mr Rohan Kamis is a Certified
Public Accountant and the Managing Partner of Rohan. Mah
& Partners. He is also the Founding Chairman of ASNAF Public
Accounting Corporation.
Mr Rohan Kamis graduated in 1975 from the University
of Singapore in Accountancy. He was the PAP Member
of Parliament (“MP”) for Telok Blangah Constituency from
February 1979 to December 1984. Whilst as an MP, he was a
member of the Parliamentary Public Accounts Committee
that was responsible for the statutory and value-for-money
audits for all Government Ministries, Statutory Boards and
Government Companies. He is also a member of several
professional institutions including the British Computer Society.
Mr Rohan Kamis held many important portfolios in several
quasi-government, commercial and professional organisations.
He was on the board and audit committee of several public
companies. In addition, he is on the Inquiry and Disciplinary
panels of the Singapore Medical Council and the Accounting
and Corporate Regulatory Authority as well as on the Singapore
General Hospital Medifund Committee.
ANNUAL REPORT 2004_9

KEY MANAGEMENT
Mr Raju Gnasegaran is our offshore operations/business development manager. He is responsible for the management and
supervision of all marine related services, for example, towage, heavylifts, matters relating to oil pollution and all support operational
and project activities.
Prior to joining us in 2003, Mr Raju Gnasegaran was the operations/business development manager of Briggs Environmental Service
(Asia) Pte Ltd. He assisted in the setting up of the company in Singapore and its operations regionally, and was responsible for the
management and supervision of chemical/oil spill and associated marine services including maintenance of plant and oil spill
machinery. He has more than 10 years of experience in managing oil spill response services, maintenance of machinery, salvage and
ocean towage operations.
He has a supervisory management certificate awarded by the School of Oil Pollution Control, Texas A & M University.
Mr E K Lim is the managing director of SML. He has held this position since 1998, and oversees the day-to-day management and
operations of the ship repair and maintenance business of SML, including facilities and manpower planning and scheduling,
procurement of equipment and raw materials, marketing and coordinating with external agencies such as the classification societies on
compliance with classification requirements.
Mr E K Lim started off as a technical superintendent in Ocean Tankers Pte Ltd from 1989 to 1992. From 1992 to 1994, he was working
as a marine superintendent for Hai Yin Diesel & Trading Pte Ltd. His duties in Ocean Tankers Pte Ltd and Hai Yin Diesel & Trading Pte Ltd
were in the repair and maintenance of vessels and other technical aspects related to vessel operations. Subsequently, he worked for
ASL Shipyard Pte Ltd from 1994 to 1998 as a commercial/marketing manager, being in charge of overseeing and marketing of the ship
repair business of ASL Shipyard Pte Ltd. Mr E K Lim holds a Diploma in Civil Engineering from the Singapore Polytechnic.
Mr Yeo Chong Boon has been working as senior operations manager of Swissco Offshore since 1 January 2004. His responsibilities
include coordinating the movement of vessels, updating vessels’ documents, communicating with the crew with regards to instructions
from clients, checking on compliance with the various authorities and coordinating the daily requirements of the vessels and crew
matters.
Mr Yeo Chong Boon joined our Group in 1975 as a shipping executive and his responsibilities then were to co-ordinate the ship supply
section and logistics and freight forwarding. By 1990, the company began branching out into supply vessels and OPL business and
Mr Yeo Chong Boon has since then been in charge of this aspect of the business of Swissco Offshore.
Ms Yew Yin Fun is our Finance and Administration Manager and is responsible for the finance, taxation and administrative matters
of our Group. Ms Yew Yin Fun, has more than 18 years of experience in accounting and auditing. Prior to joining our Group in 2003,
Ms Yew Yin Fun was a finance and administration manager for one and a half years with Microcircuit Technology Pte Ltd, which was a
subsidiary of the then-Omni Industries Limited (subsequently re-named as Celestica Singapore Pte Ltd). She has experience working
in multi-nationals and local companies, as well as a public accounting firm. She holds a degree in Bachelor of Accountancy from the
National University of Singapore, and is a member of Institute of Certified Public Accountants in Singapore since 1986. She also has an
International Diploma of Computer Studies from TMC Computer School.
SWISSCO INTERNATIONAL LIMITED_10

CORPORATE INFORMATION
BOARD OF DIRECTORS
Mr Yeo Chong Lin
Chairman
Mr Alex Yeo Kian Teong
Chief Executive Officer
Mr Phillip Chan Yee Foo
Independent Director
Dr Chiang Hai Ding
Independent Director
Mr Rohan Kamis
Independent Director
COMPANY SECRETARY
Tan Ching Chek
Lo Swee Oi
REGISTERED OFFICE
9 Pandan Road
Singapore 609257
PRINCIPAL PLACE OF BUSINESS
9 Pandan Road
Singapore 609257
Telephone: (65) 6265 2855
Facsimile: (65) 6264 1661
E-mail: swissco@singnet.com.sg
Website: www.swissco.net
SHARE REGISTRAR AND SHARE TRANSFER OFFICE
B.A.C.S. Private Limited
63 Cantonment Road
Singapore 089758
AUDITORS
PricewaterhouseCoopers
Certified Public Accountants
8 Cross Street
#17-00 PWC Building
Singapore 048424
Partner-in-charge: Chey Chor Wai
(effective from 22 March 2004)
PRINCIPAL BANKERS
United Overseas Bank Limited
80 Raffles Place
UOB Plaza
Singapore 048624
Standard Chartered Bank
6 Battery Road
Singapore 049909
ANNUAL REPORT 2004_11

To provide our clients with the most
comprehensive services to meet all their
marine support and logistics needs.
SWISSCO INTERNATIONAL LIMITED_12

OPERATIONS REVIEW
Our Group’s two core businesses are principally to provide
marine logistics support services and ship repair and
maintenance services. In the marine logistics support business,
we charter out our vessels, boats and tugs to the offshore oil
and gas industries and we offer a total one-stop transportation
and logistics service to the shipping industry. Our ship repair
and maintenance services, which is complementary to our
logistics business caters to small to medium sized vessel
owners as well as attend to our own vessels.
In FY04 our Group registered a net profit of S$3.9m (FY03:
S$4.1m) on a lower turnover of S$8.5m (FY03:S$12.1m). The
lower turnover is attributable to mainly lower charter income
as we operate fewer vessels due to the disposal of our older
vessels. This reduced our gross profits by 50% from S$4.1m in
FY03 to S$2.0m in FY04. Nonetheless, the gains from disposal
of vessels, ship repair business and better contributions from
associated companies helped the group to offset the lower
charter income in FY04.
Our Group’s earnings per share dropped to 3.07 cents in FY04
from 3.29 cents in FY03. However, our net asset backing per
ordinary share increased to 13.27 cents in FY04 from 10.17
cents in FY03.
Our marine logistics support business to the shipping and oil
and gas industries saw a reduced turnover due to fewer vessels
in operation as a result of the disposal of our older vessels. In
FY04 we operated a total number of 19 vessels as compared
to 25 vessels in FY03. Gross profits fell as charter of third party
vessels eroded profit margins. However, gains from other
income of $4.3m in FY04 (S$2.0m in FY03) arising from the
disposal of vessels compensated for the lower gross profits. In
view of the buoyant demand for offshore support vessels and
barges, the Group had taken the opportunity to sell off its older
vessels with good gains. This was part of our Group’s strategic
plans to phase out these older vessels in preparation for the
delivery of 14 new vessels throughout FY05.
Our ship repair and maintenance
business reported an increase in
turnover to S$2.8m in FY04 as
compared to S$2.5m in FY03. This
is attributable to higher demand
for ship repairs and maintenance
services as a result of the buoyant
marine industry.
Our associated companies which offer ship
chartering and engineering services are significant
constituent in the Group’s operations. They perform
similar marine logistics support services to the oil
and gas industry but in different market segments.
Some of our vessels are deployed in their regional
operations. Consequently, their complementary
services boosted our Group’s performance with an
improved contribution of additional $0.5m in FY04.
During the year, we endeavoured to keep business
costs down with tighter cost and credit control
throughout the Group. However, our Administration
and other operating expenses increased significantly
in FY04 due to the Group’s restructuring and IPO
expenses which are non-recurring. On borrowings,
we have made a conscious effort to maintain a low
gearing. As at year end, our Group’s debt to equity
ratio was 0.07. Moving forward we will continue to
push for better operational efficiencies.
Our ship repair and maintenance business reported an
increase in turnover to S$2.8m in FY04 as compared to S$2.5m
in FY03. This is attributable to higher demand for ship repair
and maintenance services as a result of the buoyant marine
industry. The ship repair and maintenance business made
a profit after tax of S$249k in FY04 (S$43k in FY03) due to
improved cost control and no further requirement to provide
for write down of the ship supply business (RMS), that has since
ceased operations.
ANNUAL REPORT 2004_13

OFFSHORE SUPPORT FLEET
our vessels
Swissco Sky
ky
SWISSCO INTERNATIONAL LIMITED_14
uper
Swissco Super

our vessels
OUT PORT LIMIT (OPL) BOATS
Swissco 118
Swissco 118
Swissco Sun
ANNUAL REPORT 2004_15

FINANCIAL REVIEW
Corporate Governance 17
Directors’ Report 20
Statement by Directors 23
Auditors’ Report 24
Consolidated Income Statement 25
Balance Sheets 26
Consolidated Statement of Changes in Equity 27
Consolidated Cash Flow Statement 28
Notes to Financial Statements 29
Statistics of Shareholdings 52
Notice of First Annual General Meeting 54
Proxy Form

CORPORATE GOVERNANCE REPORT
Swissco International Limited (the “Company”) is committed to uphold a high standard of corporate governance with
the Company and its subsidiaries (the “Group”). The Group strives to protect and enhance value for the shareholders,
customers and employees by observing and practising good corporate governance. The Group’s Corporate Governance
Report for FY04 as follows:
Board of Directors
The Board of Directors (the “Board”) comprises 5 directors, 2 of whom are executive and 3 are independent directors.
The Board’s principal functions include supervising the overall management of the business and affairs of the group
and approving the Group’s corporate and strategic policies and direction. Matters which require the approval of the
Board include inter alia, all material acquisitions and disposals of assets and major undertakings, investment decisions,
corporate policies, corporate restructuring and all equity related matters. The Board held 3 meetings in FY04 and all
directors attended the meetings.
The Group’s Executive Chairman Mr Yeo Chong Lin and Chief Executive Officer Mr Alex Yeo Kian Teong are responsible
for the day-to-day operations and administration of the Company. Major issues are brought up to the Board for
decision with management’s recommendation. As the Board comprises 3 independent directors who are experienced
and knowledgeable in their respective fields, they are well able to exercise objective and independent judgement,
which is beneficial to the growth and advancement of the Company. It is the considered opinion of the Company that
the Board is effective in leading and guiding the Company. In addition, for the purpose of better discharge of their
duties, the Directors and Management have access to independent and professional advice.
Audit Committee
The Audit Committee (the “AC”) was constituted on 7 June 2004 comprising 3 independent directors. The Chairman of
the AC is Mr Rohan Kamis, the Managing Partner of Rohan.Mah & Partners, a public accounting firm.
The role of the AC is to assist the Board of Directors in the execution of its corporate governance responsibilities within
an established term of reference.
The Nominating Committee is of the view that the members of the AC are of necessary expertise and experience to
discharge its functions.
On 14 December 2004, the Chairman held the first audit committee meeting, with all the directors in attendance and
covered the following :
1. reviews the audit plans and the scope of examination of external auditors of the Company and other Group
Companies;
2. reviews findings of the external auditors, the scope and the results of the audit, system of internal controls, their
management letters and management’s response;
3. reports actions and submits minutes of the AC meetings to the Board of Directors with such recommendations as
the AC considers appropriate;
4. reviews the financial statements before submitting them to the Board for approval;
5. considers the appointment of Internal Auditors; and
6. reviews legal and regulatory matters that may have material impact on the financial statements.
The AC reviewed the nature and amount of non-audit services provided by external auditors and is satisfied that
the provision of such services does not affect their independence and objectivity. The AC has recommended the
re-appointment of PricewaterhouseCoopers as auditors for the next ensuing year.
The AC has full access to and the co-operation of Management and full discretion to invite any Director or Executive
Officer to attend its meetings and reasonable resources to enable it to discharge its functions properly.
ANNUAL REPORT 2004_17

CORPORATE GOVERNANCE REPORT
Remuneration Committee
The Remuneration Committee (the “RC”) was constituted on 7 June 2004 and comprises 3 members, two of whom
including the Chairman, are independent. The Chairman of the RC is Mr Phillip Chan Yee Foo, who was a former
group administrator of Neptune Orient Lines, a public listed company engaging in global transportation. He possesses
experience in human resource management and a working knowledge of executive compensation practices and policies.
The RC has adopted a set of terms of reference.
The following were covered during an RC meeting held on 14 December 2004. It was chaired by Mr Phillip Chan Yee
Foo, and attended by all directors:
1) Remuneration structure and compensation packages of executive directors and senior management and also to
adopt the SID guidelines on the payment of directors’ fees for implementation in FY05.
2) Proposal of Directors’ fees to the Board and
3) Employees Share Option Scheme.
Disclosure on Remuneration
The two Executive Directors of the Company have Service Agreements to govern their appointments. The salient points
of the terms are disclosed in the IPO Prospectus dated 3 November 2004. Save for Directors’ fees, which have to be
approved by the Shareholders at every Annual General Meeting (the “AGM”), the Independent Directors do not receive
any remuneration from the Company.
The remuneration of the Executive Directors include, among others, a fixed salary and a performance driven variable
bonus which is designed to align their performance with the interests of the Shareholders.
In FY04, the shareholders had approved an employee share option scheme, known as Swissco Share Option Scheme. No
option was granted in FY04, however, it is the intention of the Company to implement the Scheme in FY05.
Based on the existing terms and conditions of employment, there are no onerous compensation commitments on the
part of the Company in the event of termination of the services of the Executive Directors.
Directors Fees
Below $40,000
Band A Band B Band C
Yeo Chong Lin NA
Alex Yeo Kian Teong NA
Phillip Chan Yee Foo
Dr Chiang Hai Ding
Rohan Kamis
Yes
Yes
Yes
Key Executives Band A Band B Band C
E K Lim
Yeo Chong Boon
Raju Gnasegaran
Yew Yin Fun
Band A refers to remuneration S$249,000 and below
Band B refers to remuneration S$250,000 to S$499,000
Band C refers to remuneration S$500,000 and above
Mr Yeo Chong Boon is the brother of the Executive Chairman Mr Yeo Chong Lin and uncle of the Chief Executive Officer
Mr Alex Yeo Kian Teong. His remuneration does not exceed $150,000 for FY04.
SWISSCO INTERNATIONAL LIMITED_18

CORPORATE GOVERNANCE REPORT
Internal Audit
In FY04 we considered the appointment of Internal Auditors from the list of several candidate firms and finally appointed
one in FY05.
Nominating Committee
The Nominating Committee (the “NC”) was constituted on 7 June 2004. It comprises three directors, two of whom
including the Chairman are independent. The Chairman of the NC is Dr Chiang Hai Ding. Dr Chiang is a current director
of SAGE Counselling Centre (Singapore Action Group of Elders), a voluntary welfare organisation and was also an
ambassador of Singapore to various countries from 1971 – 1994.
The NC has adopted specific written terms of reference and is responsible for, among others, the appointment and
re-nomination of directors having regard to their qualifications, performance and contribution as well as ensuring
that the Board collectively possess the core competencies required by the Code. For FY04 the NC is of the view that all
independent directors as defined in the Code are able to exercise objective judgement on the corporate affairs of the
Group independently from Management.
Greater Shareholders’ Participation
The Board is mindful of the Company’s obligation to provide timely and fair disclosure of any material information in
accordance with the Corporate Disclosure of the SGX-ST and will act promptly as and when required.
All shareholders will be given the Annual Report (full version) and the notice of Annual General Meeting (the “notice
of AGM”). In addition, the notice of AGM will be advertised in the newspapers and announced through SGXNET.
The Company has a website which will also provide Shareholders with current information on the Group’s business and
activities.
The Board welcomes the views of Shareholders on matters pertaining to the Company, whether at shareholders’
meeting or on an ad hoc basis. At AGMs, shareholders will be given the opportunity to ventilate their views and to ask
the Directors and Management any questions regarding the Group, its business and operations.
Dealings in Securities
The Company adopts the SGX-ST Best Practices Guide applicable in relation to dealings in the Company’s securities by its
Directors and Officers (the “D&O”). All Company’s D & O have been informed not to deal in the Company’s shares at all
times whilst in possession of unpublished material price sensitive information and also during the period commencing
one month or two weeks (as the case may be) before the announcement of the Company’s financial report and ending
on the date of the announcement of such financial results. It also discourages dealings on short term considerations.
Directors and employees are required to report security dealings to the Company Secretary who will assist to make the
necessary announcements.
The Company Secretary has been tasked to send frequent reminders on this practice and has attended all Board and
Committee meetings in FY04 and also assisted the Board to ensure that meeting procedures and prevailing laws, rules
and regulations are complied with.
Interested Person Transactions For FY04
Name of Interested Person
Swissco Structural Mechanical Pte Ltd
Aggregate value of all interested person transactions during the financial
year under review (excluding transactions less than S$100,000)
Rental expense of S$432,000 paid for the use of the premises at
No 9 Pandan Road Singapore 609257
The Company has no shareholder mandate pursuant to Rule 720 of the Listing Manual.
ANNUAL REPORT 2004_19

DIRECTORS’ REPORT
The directors present their report to the members together with the audited financial statements of the Group for the
financial year ended 31 December 2004 and the balance sheet of the Company at 31 December 2004.
The Company was incorporated in Singapore on 29 January 2004 as a public limited company and was admitted to
the Singapore Exchange Securities Trading Limited Dealing in Automated Quotation System (“SGX – SESDAQ”) on 16
November 2004.
Directors
The directors of the Company in office at the date of this report are:
Yeo Chong Lin (appointed 29 January 2004)
Alex Yeo Kian Teong (appointed 29 January 2004)
Phillip Chan Yee Foo (appointed 7 June 2004)
Chiang Hai Ding (appointed 7 June 2004)
Rohan Kamis (appointed 7 June 2004)
Arrangements to enable directors to acquire shares or debentures
Neither at the end of nor at any time during the financial period was the Company a party to any arrangement whose
object was to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or
debentures of, the Company or any other body corporate.
Directors’ interests in shares or debentures
According to the register of directors’ shareholdings, the interests of the directors holding office at the end of the
financial period in the share capital or debentures of the Company and related corporations were as follows:
Holdings registered
in name of director
Holdings in which a director
is deemed to have an interest
At
31.12.2004
At 29.1.2004
or date of
appointment,
if later
At
31.12.2004
At 29.1.2004
or date of
appointment,
if later
The Company
(Ordinary shares of $1 each)*
Yeo Chong Lin – 1 – –
Alex Yeo Kian Teong – 1 – –
(Ordinary shares of $0.08 each)*
Yeo Chong Lin – – 98,160,725 –
Alex Yeo Kian Teong – – 98,160,725 –
Phillip Chan Yee Foo 100,000 – – –
Chiang Hai Ding 100,000 – – –
Rohan Kamis 100,000 – – –
* During the financial period, the Company sub-divided each ordinary share of $1 each in its authorised and issued
share capital into 50 ordinary shares of $0.02 each and further consolidated 4 ordinary shares of $0.02 each into
1 ordinary share of $0.08 each.
Yeo Chong Lin and Alex Yeo Kian Teong, who by virtue of their deemed interest of not less than 20% in the issued share
capital of the Company, are deemed to have an interest in the entire share capital of the subsidiaries.
The directors’ interests in the shares of the Company at 21 January 2005 were the same at 31 December 2004.
SWISSCO INTERNATIONAL LIMITED_20

DIRECTORS’ REPORT
Directors’ contractual benefits
Since the date of incorporation, no director has received or become entitled to receive a benefit by reason of a contract made
by the Company or a related corporation with the director or with a firm of which he is a member or with a company in
which he has a substantial financial interest except as disclosed in the consolidated financial statements and in this report.
Share options
The Swissco Share Option Scheme (the “Scheme”) was approved by the shareholders of the Company at an Extraordinary
General Meeting on 21 October 2004. The purpose of the Scheme is to provide an opportunity for employees, executive
directors and non-executive directors who have contributed to the growth and development of the Group to participate
in the equity of the Company as well as to motivate to optimise their performance.
The aggregate number of shares issuable under the Scheme shall not exceed 15% of the issued shares of the Company.
The number of shares comprised in any options to be offered to a participant in the Scheme shall be determined at
the absolute discretion of the Remuneration Committee, who shall take into account criteria such as the rank, the past
performance, years of service, potential for future development and contribution of the participant.
Offers of options made to grantees, if not accepted by the grantees within 30 days will lapse. The Scheme shall continue
in operation for a maximum of 10 years commencing on the date which the Scheme is adopted by the Company in
general meeting, unless otherwise extended by the shareholders by ordinary resolution in general meeting.
There were no options granted during the financial period to subscribe for unissued shares of the Company, or the subsidiaries.
No shares were issued during the financial period by virtue of the exercise of options to take up unissued shares of the
Company, or its subsidiaries.
There were no unissued shares of the Company and the subsidiaries under the option at the end of the financial period.
Audit Commitee
The Audit Committee (the “AC) carried out its functions in accordance with Section 201B(5) of the Singapore Companies
Act, including the following:
• reviews the audit plans and the scope of examination of external auditors of the Company and other Group
companies;
• reviews findings of the external auditors, the scope and the results of the audit, system of internal controls, their
management letters and management’s response;
• reports actions and submits minutes of the AC meetings to the Board of Directors with such recommendations as
the AC considers appropriate;
• reviews the financial statements before submitting them to the Board for approval and for reporting to SGX-
SESDAQ;
• considers the appointment of Internal Auditors; and
• reviews legal and regulatory matters that may have material impact on the financial statements.
The AC reviewed the nature and amount of non-audit services provided by external auditors and is satisfied that
the provision of such services does not affect their independence and objectivity. The AC has recommended the
re-appointment of PricewaterhouseCoopers as auditors for the next ensuing year.
ANNUAL REPORT 2004_21

DIRECTORS’ REPORT
Auditors
The auditors, PricewaterhouseCoopers, have expressed their willingness to accept re-appointment.
On behalf of the directors
Yeo Chong Lin
Director
Alex Yeo Kian Teong
Director
28 March 2005
SWISSCO INTERNATIONAL LIMITED_22

STATEMENT BY DIRECTORS
In the opinion of the directors,
(a) the balance sheet of the Company and the consolidated financial statements of the Group as set out on pages 25
to 51 are drawn up so as to give a true and fair view of the state of affairs of the Company and of the Group
at 31 December 2004 and of the results of the business, changes in equity and cash flows of the Group for the
financial year ended 31 December 2004; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its
debts as and when they fall due.
On behalf of the directors
Yeo Chong Lin
Director
Alex Yeo Kian Teong
Director
28 March 2005
ANNUAL REPORT 2004_23

AUDITORS’ REPORT
TO THE MEMBERS OF SWISSCO INTERNATIONAL LIMITED
We have audited the accompanying financial statements of Swissco International Limited set out on pages 25 to 51
for the financial year ended 31 December 2004, comprising the balance sheet of the Company and the consolidated
financial statements of the Group. These financial statements are the responsibility of the Company’s directors. Our
responsibility is to express an opinion on these financial statements based on our audit. As set out in note 2(g) to the
financial statements, the consolidated financial statements of the Group for the financial year ended 31 December 2004
and its comparative figures have been prepared and presented as if the Group has been in existence since 1 January
2003 using the “pooling-of-interest” method. These comparative figures have not been audited.
We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we
plan and perform our audit to obtain reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion,
(a)
(b)
the accompanying balance sheet of the Company and the consolidated financial statements of the Group are
properly drawn up in accordance with the provisions of the Companies Act, Cap 50 (“the Act”) and Singapore
Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company and of the
Group as at 31 December 2004, and the results, changes in equity and cash flows of the Group for the financial
year ended on that date; and
the accounting and other records required by the Act to be kept by the Company and by those subsidiaries
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions
of the Act.
PricewaterhouseCoopers
Certified Public Accountants
Singapore, 28 March 2005
SWISSCO INTERNATIONAL LIMITED_24

CONSOLIDATED INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
Note 2004 2003
$ $
Sales 4 8,529,184 12,129,518
Cost of sales (6,480,504) (8,039,275)
Gross profit 2,048,680 4,090,243
Other operating income 4 4,358,919 2,137,553
Administrative expenses (2,379,206) (1,849,557)
Other operating expenses (756,106) (340,730)
Profit from operations 5 3,272,287 4,037,509
Finance costs 6 (348,318) (266,411)
Share of results of associated companies before tax 1,110,240 600,187
Profit before tax 4,034,209 4,371,285
Income tax expense 8 (161,609) (280,677)
Net profit for the financial year 3,872,600 4,090,608
Earnings per share - basic and diluted (cents) 9 3.07 3.29
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
ANNUAL REPORT 2004_25

BALANCE SHEETS
AS AT 31 DECEMBER 2004
The Group
The Company
Note 2004 2003 2004
$ $ $
ASSETS
Current assets
Cash and cash equivalents 10 3,733,422 1,025,364 2,047,110
Trade and other receivables 11 2,767,636 11,862,364 2,933,135
Inventories 12 34,633 43,305 –
Other current assets 13 207,440 176,526 24,724
6,743,131 13,107,559 5,004,969
Non-current assets
Investments in subsidiaries 14 – – 7,685,782
Investments in associated companies 15 3,223,143 2,174,512 2,174,512
Other investments 16 19,000 19,000 75,139
Property, plant and equipment 17 15,078,444 11,970,799 –
18,320,587 14,164,311 9,935,433
Total assets 25,063,718 27,271,870 14,940,402
LIABILITIES
Current liabilities
Trade and other payables 18 3,151,820 8,299,900 151,509
Borrowings 19 472,200 4,164,669 –
Current tax liabilities 8 300,843 203,593 –
3,924,863 12,668,162 151,509
Non-current liabilities
Borrowings 19 913,500 1,854,166 –
Deferred tax liabilities 8 118,980 118,980 –
Deferred income 21 642,960 – –
1,675,440 1,973,146 –
Total liabilities 5,600,303 14,641,308 151,509
Net assets 19,463,415 12,630,562 14,788,893
SHAREHOLDERS’ EQUITY
Share capital 23 11,735,434 1,558,716 11,735,436
Share premium 3,915,520 – 3,915,520
Retained earnings 24 3,812,461 11,071,846 (862,063)
Total shareholders’ equity 19,463,415 12,630,562 14,788,893
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
SWISSCO INTERNATIONAL LIMITED_26

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
Note
Share
capital
Share
premium
Merger
reserves**
Retained
earnings
Total
$ $ $ $ $
Balance as at 1 January 2004* 1,558,716 – – 11,071,846 12,630,562
Total recognised gain for the
financial year – net profit – – – 3,872,600 3,872,600
Issue of share capital upon
incorporation 2 – – – 2
Movements arising from
Restructuring Exercise 2
Adjustment arising from
Restructuring Exercise (1,558,716) – (8,376,716) – (9,935,432)
Excess of cash consideration over
assets acquired – – – (2,755,269) (2,755,269)
Transferred from retained
earnings to Merger reserve – – 8,376,716 (8,376,716) –
Issue of share capital pursuant
to Restructuring Exercise 9,935,432 – – – 9,935,432
Sub-total 8,376,716 – – (11,131,985) (2,755,269)
Issue of shares pursuant to Initial
Public Offering 1,800,000 4,500,000 – – 6,300,000
Share issue expenses – (584,480) – – (584,480)
Balance as at 31 December 2004 11,735,434 3,915,520 – 3,812,461 19,463,415
Balance as at 1 January 2003* 1,558,716 – – 6,981,238 8,539,954
Total recognised gain for the
financial year – net profit – – – 4,090,608 4,090,608
Balance as at 31 December 2003 1,558,716 – – 11,071,846 12,630,562
* These balances represent the share capital and retained earnings of the subsidiaries prior to the Restructuring
Exercise (note 2).
** Merger reserves represent the difference between the nominal value of shares issued by the Company and the
nominal value of the shares of the subsidiaries acquired as part of the Restructuring Exercise.
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
ANNUAL REPORT 2004_27

CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
Note 2004 2003
$ $
Cash flows from operating activities
Profit before tax 4,034,209 4,371,285
Adjustments for:
Share of results of associated companies (1,110,240) (600,187)
Amortisation of deferred income (14,840) –
Depreciation of property, plant and equipment 1,156,827 1,128,762
Interest expense 348,318 266,411
Initial Public Offering expense 584,480 –
Gain on disposal of property, plant and equipment (4,332,020) (2,028,879)
Operating cash flow before working capital changes 666,734 3,137,392
Changes in operating assets and liabilities:
Trade and other receivables 866,267 1,425,341
Inventories 8,672 8,195
Other current assets (30,914) (96,384)
Trade and other payables (798,699) 526,612
Cash generated from operations 712,060 5,001,156
Income tax paid (2,750) (35,824)
Net cash inflow from operating activities 709,310 4,965,332
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 8,844,522 5,460,348
Purchase of property, plant and equipment (6,624,077) (8,229,318)
Payment for other investment – (15,000)
Loans to related parties – (1,869,123)
Net cash inflow/(outflow) from investing activities 2,220,445 (4,653,093)
Cash flows from financing activities
Proceeds from issue of shares 6,300,002 –
Initial Public Offering expense (1,168,960) –
Interest expense (348,318) (266,411)
Proceeds from borrowings – 758,574
Repayment of finance lease liabilities (233,018) (349,449)
Repayment of short-term bank loans (net) (1,461,960) –
Net cash inflow from financing activities 3,087,746 142,714
Net increase in cash and cash equivalents held 6,017,501 454,953
Cash and cash equivalents at beginning of the financial year (2,284,079) (2,739,032)
Cash and cash equivalents at end of the financial year 10 3,733,422 (2,284,079)
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
SWISSCO INTERNATIONAL LIMITED_28

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. General
The Company was incorporated in Singapore on 29 January 2004 as a public limited company and was admitted
to the Singapore Exchange Securities Trading Limited Dealing in Automated Quotation System (“SGX – SESDAQ”)
on 16 November 2004.
The address of the Company’s registered office is No. 9 Pandan Road, Singapore 609257.
The principal activity of the Company is that of an investment holding company. The principal activities of its
subsidiaries are set out in note 14 to the financial statements.
There are no comparative figures for the Company as this is the first set of financial statements prepared by the
Company since its incorporation.
2. Restructuring Exercise
The Group was formed on 6 October 2004 as a result of the restructuring exercise (“Restructuring Exercise”)
undertaken for the purpose of the Company’s listing on the SGX-SESDAQ.
Prior to the Restructuring Exercise, the entities in the Group were directly held by the controlling shareholders
of the Company. The Restructuring Exercise involved transactions between entities controlled by the controlling
shareholders of the Company as follows :
(a)
(b)
(c)
(d)
On 31 March 2004, Swissco Offshore (Pte) Ltd (“Swissco Offshore”) acquired vessels, vehicles and machinery
from Swissco Structural Mechanical Pte Ltd (“Swissco Structural”) and Swissco Marine Pte Ltd (“Swissco
Marine”), for a consideration of $8,317,840, satisfied by the offsetting of non-trade receivables owing by
Swissco Structural and Swissco Marine to Swissco Offshore in exchange of net assets with net book values
amounting to $5,562,571.
On 19 April 2004, Swissco Offshore acquired 100% of the issued and paid-up share capital of Swissco
Offshore Ltd (“Swissco Seychelles”) for a nominal cash consideration of $1. Prior to the acquisition, all
assets of Swissco Seychelles had been held on trust for Swissco Offshore.
On 13 May 2004, Swiber Offshore Pte Ltd (“Swiber Offshore”) acquired 100% of the issued and paid-up
share capital of Camvale Pte Ltd for a cash consideration of $210,000.
On 6 October 2004, the Company acquired the following entities (“Entities”) for total considerations of
$9,935,433, satisfied by the allotment and issuance of 9,935,432 ordinary shares of $1 each at par in the
share capital of the Company and a nominal cash payment of $1:
• the entire issued and paid-up share capital of Swissco Offshore.
• the entire issued and paid-up share capital of Singapore Marine Logistics Pte Ltd.
• 30% of the issued and paid-up share capital of PT Swisko Berjaya.
• 30% of the issued and paid-up share capital of Swiber Offshore Pte Ltd.
• 33.33% of the issued and paid-up share capital of Swisko Marine (Malaysia) Sdn. Bhd.
• 33.33% of the issued and paid-up share capital of Asia Pacific Marine Limited.
• 15% of the issued and paid-up share capital of APECS Offshore Pte Ltd.
ANNUAL REPORT 2004_29

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
2. Restructuring Exercise (continued)
(e)
Total assets and liabilities contributed by the Entities to the Group as a result of the Restructuring Exercise
mentioned in 2(a) to 2(d) above are as follows:
At 6 October At 31 December
2004
2003
$ $
Total assets 19,793,298 27,271,870
Total liabilities 4,349,645 14,641,308
The Company does not hold material assets and liabilities prior to the Restructuring Exercise.
(f)
The sales, other operating income and net profits contributed to the Group as a result of the Restructuring
Exercise mentioned in 2(a) to 2(d) above, for the period prior to 6 October 2004 that are included in the
consolidated income statement are as follows:
At 6 October
2004
At 31 December
2003
$ $
Sales revenue 7,424,439 12,129,518
Other operating revenue 3,389,031 2,137,553
Net profit 2,813,082 4,090,608
The Company’s contributions to the above components of the income statement are immaterial.
(g)
The consolidated financial statements of the Group for the financial year ended 31 December 2004 and
31 December 2003 have been prepared using the “pooling-of-interest” method. Under the pooling-ofinterest
method, the financial statements of the Group for the financial year ended 31 December 2004
and the comparatives for 2003 have been presented as if the Group structure immediately after the
Restructuring Exercise has been in existence prior to 6 October 2004 and the assets and liabilities are
brought into the consolidated financial statements at their existing carrying amounts. The comparative
figures of the Group, which have been prepared using audited financial statements of the individual
entities constituting the Group, have not been audited.
3. Significant accounting policies
(a)
Basis of preparation
The financial statements have been prepared in accordance with Singapore Financial Reporting Standards
(“FRS”). These financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with FRS requires the use of estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the financial year.
Although these estimates are based on management’s best knowledge of current events and actions, actual
results may ultimately differ from those estimates.
(b)
Revenue recognition
Revenue comprises the fair value for the sale of goods and rendering of services, net of goods and services tax,
rebates and discounts, and after eliminating sales within the Group.
Revenue from the sale of goods is recognised on completion of delivery when significant risks and rewards of
ownership of the goods are transferred to the buyer.
SWISSCO INTERNATIONAL LIMITED_30

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
3. Significant accounting policies (continued)
(b)
Revenue recognition (continued)
Charter hire income is taken to the income statement on a straight line basis over the charter hire period, and
after eliminating sales within the Group companies.
Revenue from rendering of services is based on stage of completion determined by reference to services
performed to date as a percentage of total services to be performed.
Dividends are recognised when the right to receive payment is established.
Interest income is accrued on time apportionment basis using the effective interest method.
Revenue arising from rental is recognised on a straight line basis over the period of the leases.
(c)
Group accounting
(1) Subsidiaries
Subsidiaries are entities over which the Group has power to govern the financial and operating policies,
generally accompanying a shareholding of more than one half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable or presently convertible are considered
when assessing whether the Group controls another entity.
For subsidiaries that are acquired as part of the Restructuring Exercise (note 2), the pooling-of-interest
method has been used (note 2(g)).
In preparing the consolidated financial statements, intercompany transactions, balances and unrealised
gains on transactions between group companies are eliminated; unrealised losses are also eliminated
unless cost cannot be recovered. Where necessary, adjustments are made to the financial statements of
subsidiaries to ensure consistency of accounting policies with those of the Group.
Please refer to note 3(e) for the Company’s accounting policy on investments in subsidiaries.
(2) Associated companies
Associated companies are entities over which the Group has significant influence, but not control, generally
accompanying a shareholding of between and including 20% and 50% of the voting rights.
Investments in associated companies are accounted for in the consolidated financial statements using the
equity method of accounting. Equity accounting involves recording investments in associated companies
initially at cost, and recognising the Group’s share of its associated companies’ results for the year. When
the Group’s share of losses in an associated company equals or exceeds its investment in the associated
company, the Group does not recognise further losses, unless it has incurred obligations or made payments
on behalf of the associated company.
In applying the equity method, unrealised gains on transactions between the Group and its associated
companies are eliminated to the extent of the Group’s interest in the associated companies. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Where necessary, adjustments are made to the financial statements of associated companies
to ensure consistency of accounting policies with those of the Group.
Please refer to note 3(e) for the Company’s accounting policy on investments in associated companies.
ANNUAL REPORT 2004_31

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
3. Significant accounting policies (continued)
(d)
Property, plant and equipment
All property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses.
Depreciation of property, plant and equipment is calculated on a straight-line basis to write off the cost of the
property, plant and equipment over their expected useful lives. The estimated useful lives are as follows:
Vessels/barges
Leasehold buildings
Motor vehicles
Furniture, fittings and computers
Plant and equipment
15 years
the shorter of 50 years or the lease term
5 years
3 – 10 years
5 years
No depreciation is provided on vessels-in-construction.
Subsequent expenditure relating to property, plant and equipment that has already been recognised is added
to the carrying amount of the asset when it is probable that future economic benefits, in excess of the originally
assessed standard of performance of the existing asset, will flow to the Group and the cost can be reliably
measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is
incurred.
Where an indication of impairment exists, the carrying amount of the asset is assessed and written down
immediately to its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are taken to
the income statement.
(e)
Investments
Investments in subsidiaries and associated companies are stated at cost less impairment losses in the Company’s
balance sheet. Where an indication of impairment exists, the carrying amount of the investment is assessed and
written down immediately to its recoverable amount.
Investments in other non-current investments, are stated at cost and an allowance for diminution is made where,
in the opinion of the directors, there is a decline other than temporary in the value of such investments. Where
there has been a decline other than temporary in the value of an investment, such a decline is recognised as an
expense in the period in which the decline is identified.
On disposal of an investment, including subsidiaries and associated companies, the difference between net
disposal proceeds and its carrying amount is taken to the income statement.
(f)
Trade receivables
Trade receivables are stated at original invoice amount less allowance made for doubtful receivables based on
a review of all outstanding amounts at the balance sheet date. An allowance for doubtful receivables is made
when there is objective evidence that the Group will not be able to collect amounts due according to original
terms of receivables. Bad debts are written off when identified.
SWISSCO INTERNATIONAL LIMITED_32

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
3. Significant accounting policies (continued)
(g)
Accounting for leases
Finance leases
Leases of assets in which the Group assumes substantially the risks and rewards of ownership are classified
as finance leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value
of the leased asset and the present value of the minimum lease payments. Each lease payment is allocated
between the liability and finance charge so as to achieve a constant rate on the finance balance outstanding.
The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element
of the finance cost is taken to the income statement over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for each period.
Operating leases
Leases of assets in which a significant portion of the risks and rewards of ownership are retained by the lessor
are classified as operating leases. Payments made under operating leases (net of any incentives received from the
lessor) are taken to the income statement on a straight-line basis over the period of the lease.
When an operating lease is terminated before the lease period has expired, any payment required to be made to
the lessor by way of penalty is recognised as an expense in the period in which termination takes place.
(h)
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined by the first-in, first-out
basis. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of
completion and selling expenses.
(i)
Deferred income taxes
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred
income tax arises from initial recognition of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associated
companies, except where the timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.
(j)
Provisions
Provisions are recognised when the Group has a legal or constructive obligation as a result of past events that it is
probable an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount
of the obligation can be made.
(k)
Trade and other payables
Trade and other payables are stated in the balance sheet at cost.
(l)
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction
costs) and the redemption value is taken to the income statement over the period of the borrowings using the
effective interest method.
ANNUAL REPORT 2004_33

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
3. Significant accounting policies (continued)
(m)
Employee benefits
(1) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed
contributions into separate entities such as Central Provident Fund, and will have no legal or constructive
obligation to pay further contributions if any of the funds does not hold sufficient assets to pay all
employee benefits relating to employee service in the current and preceding financial years. The Group’s
contribution to defined contribution plans are recognised in the financial year to which they relate.
(2) Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is
made for the estimated liability for annual leave as a result of services rendered by employees up to the
balance sheet date.
(n)
Impairment of assets
Non-current assets, including property, plant and equipment and investments in subsidiaries and associated
companies are reviewed for impairment losses whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount, which is the higher of an asset’s net selling price and its value
in use.
(o)
Foreign currency translation
(1) Measurement currency
Items included in the financial statements of each entity in the Group are measured using the currency that
best reflects the economic substance of the underlying events and circumstances relevant to that entity (“the
measurement currency”). The consolidated financial statements and balance sheet of the Company are presented
in Singapore Dollars, which is the measurement currency of the Company.
(2) Transactions and balances
Foreign currency transactions are translated into the measurement currency using the exchange rates prevailing
at the date of transactions. Foreign currency monetary assets and liabilities are translated into the measurement
currency at the rates of exchange prevailing at the balance sheet date or at contracted rates where they are
covered by forward exchange contracts. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies, are taken to the income statement.
(3) Translation of Group entities’ financial statements
The results and financial position of group entities (none of which has the currency of a hyperinflationary
economy) that are in measurement currencies other than Singapore Dollars are translated into Singapore Dollars
as follows:
(i)
(ii)
(iii)
Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
balance sheet;
Income and expenses for each income statement are translated at average exchange rates (unless
this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the dates of the transactions);
and
All resulting exchange differences are taken to the foreign currency translation reserve.
SWISSCO INTERNATIONAL LIMITED_34

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
3. Significant accounting policies (continued)
(p)
Segment reporting
Business segments provide products and services that are subject to risks and returns that are different from those
of other business segments. Geographical segments provide products or services within a particular economic
environment that is subject to risks and returns that are different from those of components operating in other
economic environments.
(q)
Cash and cash equivalents
For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise cash on hand,
deposits held at call with banks and bank overdrafts. Bank overdrafts are included under borrowings in current
liabilities on the balance sheet.
(r)
Share capital
Incremental external costs directly attributable to the issue of new shares, other than on a business combination,
are taken to equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the
issuance of new shares for the acquisition of businesses are included in the cost of acquisition as part of the
purchase consideration.
(s)
Dividend
Dividends are recorded in the Group’s financial statements in the period in which they are approved by the
Company’s shareholders.
4. Revenue
The Group
2004 2003
$ $
Sales
Chartering income, sale of out-port-limit services and related income 5,964,818 8,490,571
Ship repair and related services 2,500,486 2,287,109
Trading of marine equipment 63,880 1,351,838
8,529,184 12,129,518
Other operating income
Gain on disposal of property, plant and equipment 4,332,020 2,060,559
Foreign exchange gain (net) – 7,209
Amortisation of deferred income 14,840 –
Others 12,059 69,785
4,358,919 2,137,553
Total revenue 12,888,103 14,267,071
ANNUAL REPORT 2004_35

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
5. Profit from operations
The following items have been included in arriving
at profit from operations:
The Group
2004 2003
$ $
Charging:
Auditors’ remuneration paid/payable to:
- Auditors of the Company 115,000 51,500
- Other auditors 4,730 –
Depreciation of property, plant and equipment (note 17)
- Vessels/barges 336,117 398,247
- Leasehold buildings 207,937 207,937
- Motor vehicles 208,648 86,741
- Furniture, fittings and computers 10,686 6,672
- Plant and equipment 393,439 429,165
Rental expense - operating leases 623,407 647,114
Foreign exchange loss - net 61,363 –
Allowance for doubtful trade receivables 124,954 39,398
Initial Public Offering expense (note 23) 584,480 –
6. Finance costs
Interest expense:
The Group
2004 2003
$ $
- Bank loans 153,239 91,554
- Bank overdrafts 162,139 151,344
- Finance leases 32,940 23,513
348,318 266,411
7. Staff costs
The Group
2004 2003
$ $
Wages and salaries 2,626,419 2,234,629
Employer’s contribution to defined contribution
plans including Central Provident Fund 134,131 99,495
Staff benefits 65,644 106,760
2,826,194 2,440,884
Number of full time employees at the end of the financial year 85 109
Key management remuneration is disclosed in note 28(b).
SWISSCO INTERNATIONAL LIMITED_36

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
8. Tax
(a)
Tax expense
The Group
2004 2003
$ $
Tax expense attributable to profit is made up of:
Current income tax 100,000 166,843
Deferred tax – 103,780
Share of tax of associated companies 61,609 34,484
161,609 305,107
Over provision in preceding financial year
- Current income tax – (24,430)
161,609 280,677
The tax expense on profit differs from the amount that would arise using the Singapore standard rate of income
tax due to the following:
The Group
2004 2003
$ $
Profit before tax 4,034,209 4,371,285
Tax calculated at a tax rate of 20% (2003: 22%) 806,842 961,683
Singapore statutory stepped income exemption (21,000) (23,100)
Income not subject to tax (833,659) (802,107)
Expenses not deductible for tax purposes 209,426 161,675
Others – 6,956
161,609 305,107
(b)
Movements in current tax liabilities
The Group
2004 2003
$ $
At the beginning of financial year 203,593 97,004
Income tax paid (2,750) (35,824)
Current financial year’s income tax expense 100,000 166,843
Over provision for preceding financial year – (24,430)
At the end of financial year 300,843 203,593
ANNUAL REPORT 2004_37

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
8. Tax (continued)
(c)
Deferred income taxes
The movement in the deferred tax liabilities during the financial year is as follows:
Deferred tax liabilities
The Group
2004 2003
$ $
At the beginning of financial year 118,980 15,200
Charged to income statement – 103,780
At the end of financial year 118,980 118,980
Represented by:
Accelerated tax depreciation 118,980 118,980
9. Earnings per share
Basic earnings per share is calculated by dividing the net profit attributable to members of Swissco International
Limited by the weighted average number of ordinary shares in issue during the financial year.
The Group
2004 2003
$ $
Net profit for the financial year($) 3,872,600 4,090,608
Weighted average number of ordinary shares in issue for
basic earnings per share 126,067,925 124,192,925
Basic earnings per share (cents) 3.07 3.29
The weighted average number of shares for both 2004 and 2003 has been adjusted to reflect the sub-division
and consolidation of shares in 2004 (note 23).
Diluted earnings per share is the same as basic earnings per share. As at 31 December 2004, the Company does
not have any potential ordinary shares that have a dilutive effect on earnings per share.
10. Cash and cash equivalents
The Group
The Company
2004 2003 2004
$ $ $
Cash at bank and on hand 1,733,422 1,025,364 47,110
Fixed deposits with financial institutions 2,000,000 – 2,000,000
3,733,422 1,025,364 2,047,110
The fixed deposits with financial institutions for the Group and Company mature on varying dates within 3
months from the financial year end. The weighted average effective interest rate of these deposits for the
Group and Company as at 31 December 2004 was 1.24% per annum.
The carrying amounts of cash and cash equivalents approximate their fair value.
SWISSCO INTERNATIONAL LIMITED_38

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
10. Cash and cash equivalents (continued)
For the purposes of the consolidated cash flow statement, the financial year end consolidated cash and cash
equivalents comprise the following:
The Group
2004 2003
$ $
Cash and bank balances (as above) 3,733,422 1,025,364
Less: Bank overdrafts (note 19) – (3,309,443)
Cash and cash equivalents per consolidated cash flow statement 3,733,422 (2,284,079)
11. Trade and other receivables
The Group
The Company
2004 2003 2004
$ $ $
Trade receivables:
- third parties 2,494,261 2,768,462 –
- associated companies 436,554 868,537 –
- related parties – 105,210 –
2,930,815 3,742,209 –
Less: Allowance for doubtful trade receivables from
third parties (263,351) (138,398) –
2,667,464 3,603,811 –
Other receivables
- third parties 100,172 30,090 48,335
- related parties (non-trade) – 8,228,463 –
- subsidiary (non-trade) – – 2,884,800
2,767,636 11,862,364 2,933,135
The non-trade amounts due by related parties and subsidiary are unsecured, interest-free and with no fixed
terms of repayment. Related parties are companies in which certain directors have financial interests in.
Trade and other receivables are denominated in the following currencies:
The Group
The Company
2004 2003 2004
$ $ $
Singapore Dollar 2,353,435 11,136,533 2,933,135
United States Dollar 414,201 725,831 –
2,767,636 11,862,364 2,933,135
The carrying amounts of current trade and other receivables approximate their fair value.
12. Inventories
The Group
The Company
2004 2003 2004
$ $ $
Materials and supplies, at cost 34,633 43,305 –
ANNUAL REPORT 2004_39

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
13. Other current assets
The Group
The Company
2004 2003 2004
$ $ $
Prepayments 201,669 153,776 24,493
Other deposits 5,771 22,750 231
207,440 176,526 24,724
The carrying amounts of the above other current assets approximate their fair value.
14. Investments in subsidiaries
The Company
2004
$
Unquoted equity shares, at cost 7,685,782
Details of the subsidiaries are as follows:
Name of subsidiaries held
by the Company
Principal business
Country of
incorporation/
place of
business
Issued and
paid-up
capital
Effective
percentage of
equity held by
the Company
%
Swissco Offshore (Pte) Ltd
(a)
Singapore Marine Logistics
Pte Ltd (a)
Name of subsidiaries
held by subsidiaries
Operator of offshore
support vessels, ship
chartering, provision of
marine logistics services
and related business
Ship repair and
maintenance and related
services
Singapore $1,000,000 100
Singapore $500,000 100
Swissco Offshore Ltd (b)
Holding the Seychellesflagged
vessels on trust for
Swissco Offshore
Republic of
Seychelles
US$5,000 100
Regional Marine Supply
Private Limited (c)
Trading of marine
equipment, spare parts and
shore supplies
Singapore $50,000 99.998
(a) Audited by PricewaterhouseCoopers, Singapore
(b) Not required to be audited under the law of the country of incorporation
(c) Audited by R Chan & Co, Singapore
SWISSCO INTERNATIONAL LIMITED_40

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
15. Investment in associated companies
The Group
The Company
2004 2003 2004
$ $ $
Unquoted equity shares, at cost 2,174,512
At beginning of the financial year 2,174,512 1,608,809
Share of results before tax 1,110,240 600,187
Share of tax (note 8) (61,609) (34,484)
Share of results after tax 1,048,631 565,703
At end of the financial year 3,223,143 2,174,512
Details of associated companies are as follows:
Name of associated
companies held
by the Company
Principal business
Country of
incorporation/
place of business
Issued and
paid-up
capital
Effective
percentage of
equity held by
the Company
%
PT Swisko Berjaya (a)
Swiber Offshore Pte Ltd (b)
Transportation of oil and
gas services
Shipowners, operators and
charterers
Indonesia RP250,000,000 30
Singapore $100,000 30
Swisko Marine (Malaysia)
Sdn. Bhd. (c)
Asia Pacific Marine Limited
(c)
Chartering of bareboats Malaysia RM100,000 33.33
Supply of bareboats Malaysia US$3 33.33
Name of associated
company held by
Swiber Offshore
Camvale Pte Ltd (b)
Shipowners, operators and
charterers
Singapore $100,000 30
(a) Audited by Prasetio, Sarwoko & Sangjaja, Indonesia
(b) Audited by R Chan & Co, Singapore
(c) Audited by Deloitte and Touche, Malaysia
16. Other investments
The Group
The Company
2004 2003 2004
$ $ $
Unquoted shares, at cost 15,000 15,000 75,139
Club membership, at cost 4,000 4,000 –
19,000 19,000 75,139
Fair value of unquoted shares based on net tangible assets 161,261 75,139 161,261
Fair value of club membership based on market value 4,000 4,000 –
ANNUAL REPORT 2004_41

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
17. Property, plant and equipment
The Group
Vessels/
barges
Leasehold
buildings
Motor
vehicles
Furniture,
fittings and
computers
Plant and
equipment
Vessels-inconstruction
Total
$ $ $ $ $ $ $
Cost
At beginning of
the year 10,435,424 3,093,195 742,984 74,721 3,635,775 1,821,129 19,803,228
Additions 46,930 – 523,153 24,107 141,817 7,383,167 8,119,174
Disposals (5,708,591) – (112,330) (19,187) (1,298,746) – (7,138,854)
Transfer from
vessels-inconstruction
1,619,599 – – – – (1,619,599) –
At end of the year 6,393,362 3,093,195 1,153,807 79,641 2,478,846 7,584,697 20,783,548
Accumulated
depreciation
At beginning of
the year 4,023,660 1,013,825 192,641 32,198 2,570,105 – 7,832,429
Depreciation 336,117 207,937 208,648 10,686 393,439 – 1,156,827
Disposals (2,047,696) – (59,281) (14,549) (1,162,626) – (3,284,152)
At end of the year 2,312,081 1,221,762 342,008 28,335 1,800,918 – 5,705,104
Net book value
At 31 December
2004 4,081,281 1,871,433 811,799 51,306 677,928 7,584,697 15,078,444
Net book value
At 31 December
2003 6,411,764 2,079,370 550,343 42,523 1,065,670 1,821,129 11,970,799
Motor vehicles costing $458,893 (2003: $241,369) are registered in the name of employees who hold them in
trust for the Group. Leasehold buildings are mortgaged to secure bank loans (note 19).
Additions include $523,153 (2003: $382,469) motor vehicles leased under finance leases. The carrying amounts of
motor vehicles and plant and equipment held under finance leases at 31 December 2004 amounted to $767,011
and $36,600 respectively (2003: $477,048 and $54,900 respectively).
SWISSCO INTERNATIONAL LIMITED_42

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
18. Trade and other payables
The Group
The Company
2004 2003 2004
$ $ $
Trade payables
- third parties 988,466 2,310,771 –
- associated companies 37,689 37,987 –
1,026,155 2,348,758 –
Other payables
- payable for purchase of
plant and equipment 1,123,811 – –
- due to executive directors (non-trade) 109,545 – –
- due to a related party (non-trade) 28,162 5,557,347 –
- due to shareholders (non-trade) – 49,787 –
- others 20,074 – –
1,281,592 5,607,134 –
Accrued operating expenses 522,823 330,135 151,509
Deposits received 321,250 13,873 –
3,151,820 8,299,900 151,509
The carrying amounts of trade and other payables approximate their fair value.
The non-trade amounts due to a related party, executive directors and shareholders are unsecured, interest-free
and are repayable on demand. The related party is a company in which certain directors have financial interest in.
Trade and other payables are denominated in the following currencies:
The Group
The Company
2004 2003 2004
$ $ $
Singapore Dollar 2,984,998 7,617,558 151,509
United States Dollar 166,822 682,342 –
3,151,820 8,299,900 151,509
19. Borrowings
(a)
Current
The Group
2004 2003
$ $
Bank overdrafts (i) – 3,309,443
Finance lease liabilities (note 20) 220,473 137,315
Bank term loans due within twelve months (ii) 251,727 717,911
472,200 4,164,669
ANNUAL REPORT 2004_43

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
19. Borrowings (continued)
(b)
Non-current
The Group
2004 2003
$ $
Finance lease liabilities (note 20) 370,286 315,176
Bank term loans (ii) 543,214 1,538,990
913,500 1,854,166
Total borrowings 1,385,700 6,018,835
(i)
(ii)
The bank overdrafts and facilities are secured by the mortgage of the Group’s leasehold buildings, certain
executive directors’ properties and guaranteed jointly and severally by certain executive directors and
their family members. The unutilised banking facilities as at 31 December 2004 amounted to $3 million
(2003: fully utilised).
The bank term loans comprise a 4-year term loan, a 5-year term loan and a 10-year term loan.
The 4-year term loan with a balance of $1,100,000 at 31 December 2003 was secured by one of the Group’s
offshore vessels and guaranteed jointly and severally by certain executive directors. Interest on the loan
is at 3.75% per annum flat and is repayable over 4 years by monthly installments commencing from
1 September 2003. The term loan has been fully settled during the financial year.
The 5-year term loan with a balance of $121,491 (2003: $392,973) at balance sheet date was secured
by the Group’s leasehold buildings, properties owned or co-owned by certain executive directors and
guaranteed jointly and severally by certain executive directors and their family members. Interest on
the loan is at 1% above bank’s prevailing prime rate subject to variation and is repayable over 5 years by
monthly instalments commencing from 25 June 2000.
The 10-year term loan with a balance of $673,450 (2003: $763,928) at balance sheet date was secured
by the Group’s leasehold buildings, properties owned or co-owned by certain executive directors and
guaranteed jointly and severally by certain executive directors and their family members. Interest on the
loan is at 0.5% above the bank’s prevailing prime rate subject to variation and is repayable over 10 years
by monthly instalments commencing from 11 February 2001.
(c)
Interest rate risk
The weighted average effective interest rates at the balance sheet date were as follows:
The Group
2004 2003
$ $
Finance lease liabilities 2.62 3.31
Bank loans 5.58 4.73
Bank overdrafts – 6.25
SWISSCO INTERNATIONAL LIMITED_44

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
19. Borrowings (continued)
(c)
Interest rate risk (continued)
The exposure of borrowings of the Group to interest rate changes and the periods in which the borrowings
reprice as follows:
The Group
Less than 6
months
6 to 12
months
1 to 5
years
Over
5 years Total
$ $ $ $ $
At 31 December 2004 308,011 164,189 888,526 24,974 1,385,700
At 31 December 2003 4,466,344 19,171 1,244,540 288,780 6,018,835
(d)
Carrying amounts and fair values
The carrying amounts of borrowings approximate their fair values.
20. Finance lease liabilities
The Group
2004 2003
$ $
Minimum lease payments due:
Within 1 year 244,383 154,529
Between 1 and 5 years 418,100 313,639
More than 5 years 3,137 58,930
665,620 527,098
Less:
Finance charges (74,861) (74,607)
590,759 452,491
The present value of finance lease liabilities is as follows:
Within 1 year 220,473 137,315
Between 1 and 5 years 367,582 261,633
More than 5 years 2,704 53,543
590,759 452,491
21. Deferred income
Deferred income, relating to the unrealised gain arising from disposal of vessels to an associated company during
the financial year, is credited to the income statement on a systematic basis over the periods necessary to match
with the depreciation charged on the disposed vessels which is included in the share of associated company’s
result for the financial year. Movements in deferred income are as follows:
The Group
$
Addition during the year 657,800
Credited to income statement (14,840)
Balance as at 31 December 2004 642,960
22. Holding company
The immediate and ultimate holding company is Yeo Holdings Private Limited, a company incorporated in
Singapore.
ANNUAL REPORT 2004_45

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
23. Share capital of Swissco International Limited
(a)
Authorised ordinary share capital
The Company was incorporated on 29 January 2004 with an authorised share capital of $100,000 divided into
100,000 ordinary shares of $1 each. During the financial period, the Company increased its authorised share
capital from 100,000 ordinary shares of $1 each to 20,000,000 ordinary shares of $1 each. Each ordinary share in
the authorised share capital was further subdivided into 50 ordinary shares of $0.02 each and consolidated from
4 ordinary shares of $0.02 each into 1 ordinary share of $0.08 each.
As at 31 December 2004, the total authorised number of ordinary shares is 250,000,000 shares with a par value
of $0.08 per share.
(b)
Issued ordinary share capital
The Company
Number of Shares
Par Value Par Value 2004
$1 $0.08 $
At date of incorporation 2 – 2
Issue of shares pursuant to the Restructuring Exercise 9,935,432 – 9,935,432
Sub-division and consolidation of shares (9,935,434) 124,192,925 –
Issue of shares pursuant to the Initial Public Offering – 22,500,000 1,800,000
At end of the financial year – 146,692,925 11,735,434
During the financial period, the Company:
- issued 2 ordinary shares of $1 each upon incorporation.
- issued 9,935,432 ordinary shares of $1 each at par pursuant to the Restructuring Exercise (note 2);
- sub-divided each ordinary share of $1 each in its authorised and issued share capital into 50 ordinary
shares of $0.02 each;
- consolidated 4 ordinary shares of $0.02 each in the authorised as well as the issued share capital into 1
ordinary share of $0.08 each;
- issued 22.5 million ordinary shares of $0.08 each at a premium of $0.20 per share for cash, pursuant to its
Initial Public Offering (“IPO”) on the SGX-SESDAQ
(c)
(d)
The movements in the share premium account are set out in the Consolidated Statement of Changes in Equity.
The Company incurred expenses relating to its IPO amounting to $1,168,960 of which $584,480 was allocated as
share issue expenses and set-off against the share premium account and the balance of $584,480 was allocated
for the selling of vendor shares and taken to the consolidated income statement. Included in the total IPO
expenses are reporting auditors’ fees of $146,500 paid to the auditors of the Company, in relation to the IPO of
the Company.
SWISSCO INTERNATIONAL LIMITED_46

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
24. Retained earnings
(a)
(b)
The retained earnings of the Group and the Company are distributable, except for accumulated retained earnings
of associated companies amounting to $1,048,631 (2003: $2,174,512) which are included in the Group’s retained
earnings.
Movements in retained earnings for the Company are as follows:
The Company
2004
$
At the beginning of financial period –
Net (loss) for the financial period (862,063)
At the end of financial period (862,063)
Movements in retained earnings for the Group are shown in the Consolidated Statement of Changes in Equity.
25. Contingent liabilities
Corporate guarantees given are as follows:
The Company
2004
$
Unsecured corporate guarantees given to banks in connection with banking facilities
provided to a subsidiary 5,753,000
26. Commitments
(a)
Operating lease commitments
The Group has future minimum lease payments under non-cancellable operating leases payable as follows:
The Group
2004 2003
$ $
Within one year 623,407 191,407
Between 1 and 5 years 1,341,629 765,628
More than 5 years 669,925 861,331
2,634,961 1,818,366
(b)
Capital commitments
Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements is
as follows:
The Group
2004 2003
$ $
Expenditure contracted for purchase of vessels/barges 14,679,545 9,520,866
ANNUAL REPORT 2004_47

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
27. Financial risk management
Risk management is carried out under policies approved by the Board of directors.
Financial risk factors
The Group’s activities are exposed to a variety of financial risks, including credit, liquidity, foreign currency
exchange rates and interest rates. The management of these risks is discussed below:
Credit risk
The Group has no significant concentrations of credit risk. Management monitors the exposure to credit risks
regularly. The maximum exposure to credit risk is represented by the carrying amount of each financial asset at
the balance sheet date.
Liquidity risk
The Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to
finance the Group’s operations and mitigate the effects of fluctuations in cash flows. Given the dynamic nature
of the business, the Group endeavours to maintain flexibility in funding by keeping committed credit facilities
available.
Interest rate risk
The Group is exposed to significant market risk for changes in interest rates on interest bearing assets and
liabilities. The Group’s policy is to obtain the most favourable interest rates available.
Foreign currency exchange risk
The Group operates regionally and is exposed to foreign exchange risk due to its trading transactions in foreign
currencies. The exposure to this risk is however minimum.
The Group has a number of investments in foreign associated companies, whose net assets are exposed to
currency translation risk. Currency exposure to the net assets of the Group’s associated companies is mainly in
Indonesia and Malaysia. However, the exposure to this risk in the current financial year is not significant.
28. Related party transactions
The following related party transactions took place between the Group and related parties during the financial
year on terms agreed by the parties concerned:
(a)
Sales and purchases of goods and services
The Group
2004 2003
$ $
Rental expense paid to a company in which certain directors have equity
interest and directorship 432,000 360,000
Director’s accommodation paid to a company in which certain directors
have equity interest – 36,000
Sales to associated companies 1,082,999 2,972,420
Sales of vessels/barges to an associated company 2,677,200 –
Purchases from associated companies 117,347 254,170
SWISSCO INTERNATIONAL LIMITED_48

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
28. Related party transactions (continued)
(b)
Key management’s remuneration
The key management’s remuneration included fees, salary, bonus, commission and other emoluments (including
benefits-in-kind) computed based on the cost incurred by the Group and the Company, and where the Group or
Company did not incur any costs, the value of the benefit is included. The total key management’s remuneration
is as follows:
The Group
2004 2003
$ $
Key management’s remuneration:
- directors of the Company 182,741 –
- directors of subsidiaries 428,804 550,323
29. Segment information
Primary reporting format – business segments
At 31 December 2004, the Group is organised into three main business segments:
• Chartering (including sale of out-port-limit services and related income)
• Ship repair and related services
• Trading of marine equipment
Inter-segment transactions are determined on an arm’s length basis. Unallocated costs represent corporate
expenses. Segment assets consist primarily of property, plant and equipment, cash and cash equivalents, trade
and other receivables, inventories and other current assets. Segment liabilities comprise operating liabilities and
exclude items such as tax liabilities and bank borrowings. Capital expenditure comprises additions to property,
plant and equipment.
ANNUAL REPORT 2004_49

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
29. Segment information (continued)
Primary reporting format - business segments (continued)
Financial year ended
31 December 2004
Trading
Chartering
Ship repair and
related services
of marine
equipment Elimination Group
$’000 $’000 $’000 $’000 $’000
Sales : 5,965 2,778 64 (278) 8,529
Segment result 3,820 371 (57) 4,134
Unallocated costs (862)
Profit from operations 3,272
Finance costs (348)
Share of associate results 1,110
Profit before tax 4,034
Income tax expense (162)
Net profit 3,872
Segment assets 17,755 2,722 56 (827) 19,706
Associated companies 3,223
Unallocated assets 2,135
Consolidated total assets 25,064
Segment liabilities 5,628 1,011 193 (3,712) 3,120
Deferred income 643
Unallocated liabilities 1,838
Consolidated total
liabilities 5,601
Other segment items
Capital expenditure 8,075 44 – 8,119
Depreciation 1,006 150 1 1,157
SWISSCO INTERNATIONAL LIMITED_50

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
29. Segment information (continued)
Primary reporting format - business segments (continued)
Financial year ended
31 December 2003
Trading
Chartering
Ship repair and
related services
of marine
equipment Elimination Group
$’000 $’000 $’000 $’000 $’000
Sales: 8,492 2,545 1,352 (260) 12,129
Segment result 3,885 279 (127) 4,037
Profit from operations 4,037
Finance costs (266)
Share of associate results 600
Profit before tax 4,371
Income tax expense (280)
Net profit 4,091
Segment assets 23,150 2,870 305 (1,227) 25,098
Associated companies 2,174
Consolidated total assets 27,272
Segment liabilities 11,841 1,781 385 (1,227) 12,780
Unallocated liabilities 1,861
Consolidated total
liabilities 14,641
Other segment items
Capital expenditure 8,326 285 – 8,611
Depreciation 996 125 8 1,129
Secondary reporting format - geographical segments
No geographical segment information is presented as all of the Group’s assets are located in Singapore, which is
considered as one geographical location with similar risks and returns.
30. Authorisation of financial statements
These financial statements were authorised for issue in accordance with a resolution of the Board of directors of
Swissco International Limited on 28 March 2005.
Auditors’ report – Page 24.
ANNUAL REPORT 2004_51

STATISTICS OF SHAREHOLDINGS
AS AT 17 MARCH 2005
AUTHORISED SHARE CAPITAL : $20,000,000
ISSUED AND FULLY PAID-UP CAPITAL : $11,735,434
CLASS OF SHARES : Ordinary shares of S$0.08 each with equal voting rights
Analysis of Shareholdings
Size of Shareholdings No. of Shareholders % No. of Shares %
1,000 - 10,000 342 46.59 2,369,000 1.62
10,001 - 1,000,000 386 52.59 24,738,000 16.86
1,000,001 & Above 6 0.82 119,585,925 81.52
Total 734 100.00 146,692,925 100.00
List of Top Twenty Shareholders as at 17 March 2005
No. Shareholder’s Name No. of Shares %
1 Yeo Holdings Private Limited 98,160,725 66.92
2 Chong Thim Pheng 10,200,000 6.95
3 Morgan Stanley Asia (S’pore) Pte Ltd 3,806,000 2.59
4 E K Lim 3,532,200 2.41
5 Phillip Securities Pte Ltd 2,143,000 1.46
6 Singapore Enterprises Pte Ltd 1,744,000 1.19
7 Asia Mechanical (F.E.) Pte Ltd 1,000,000 0.68
8 Kim Eng Securities Pte Ltd 837,000 0.57
9 Benety Chang 625,000 0.43
10 Kwok Sin Kin Joseph 600,000 0.41
11 Ong Lian Choon 494,000 0.34
12 OCBC Securities Private Ltd 460,000 0.31
13 DBS Nominees Pte Ltd 405,000 0.28
14 Lek Soo Ngoh 405,000 0.28
15 Goh Wai Sin 400,000 0.27
16 United Overseas Bank Nominees Pte Ltd 360,000 0.25
17 Singapore Nominees Pte Ltd 320,000 0.22
18 Tay Chor Chua 320,000 0.22
19 Wee Eng Keh 300,000 0.20
20 Lim Ah Yock 280,000 0.19
Total 126,391,925 86.16
SWISSCO INTERNATIONAL LIMITED_52

STATISTICS OF SHAREHOLDINGS
AS AT 17 MARCH 2005
Substantial Shareholders
No of shares of $0.08 each
Name Direct Interest Deemed Interest
Yeo Holdings Private Limited 98,160,725 Nil
Yeo Chong Lin (Note 1) Nil 98,160,725
Alex Yeo Kian Teong (Note 2) Nil 98,160,725
Chong Thim Pheng 10,200,000 Nil
Note 1 - Mr Yeo Chong Lin is deemed to be interested in the shares held by Yeo Holdings Private Limited by virtue of
Section 7 of the Companies Act, Chapter 50.
Note 2 - Mr Alex Yeo Kian Teong is deemed to be interested in the shares held by Yeo Holdings Private Limited by
virtue of Section 7 of the Companies Act, Chapter 50.
Based on the Register of Shareholders, and to the best knowledge of the Company, the percentage of shareholding held
in the hands of public is approximately 23.5%. Accordingly, Company complies with Rule 723 of the Listing Manual.
ANNUAL REPORT 2004_53

NOTICE OF FIRST ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the First Annual General Meeting of the Company will be held at 9 Pandan Road,
Singapore 609257 on 29 April 2005 at 9.00 a.m. for the purpose of transacting the following businesses:-
ORDINARY BUSINESS
1. To receive and adopt the Directors’ Report and the Audited Accounts for the period from 29
January 2004 to 31 December 2004 together with the Auditors’ Report thereon.
2. To consider and if thought fit, to pass the following resolution:
(a) That pursuant to Section 153(6) of the Companies Act, Chapter 50, Mr Yeo Chong Lin be
and is hereby re-appointed as a Director of the Company to hold such office until the
next Annual General Meeting.
3. To re-elect Mr Alex Yeo Kian Teong, a Director retiring pursuant to Article 87 of the Company’s
Articles of Association. [(See explanatory note (a)]
Resolution 1
Resolution 2
Resolution 3
4. To re-elect the following directors retiring pursuant to Article 94 of the Company’s Articles of
Association:
(i)
(ii)
(iii)
Mr Rohan Kamis [(See explanatory note (b)]
Dr Chiang Hai Ding [(See explanatory note (c)])
Mr Phillip Chan Yee Foo [(See explanatory note (d)])
Resolution 4
Resolution 5
Resolution 6
5. To re-appoint Messrs PricewaterhouseCoopers as Auditors and to authorise the Directors to fix
their remuneration.
Resolution 7
6. To transact any other business of the Company which may properly be transacted at an Annual
General Meeting.
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following Ordinary Resolutions:
7. “To approve Directors’ fees of S$98,000 for the period from 29 January 2004 to 31 December
2004.”[see explanatory note (e)]
8. “That pursuant to Section 161 of the Companies Act, Chapter 50 and the listing rules of the
Singapore Exchange Securities Trading Limited, the Directors be and are hereby authorised
to allot and issue shares and/or convertible securities in the Company (whether by way of
bonus issue, rights issue or otherwise) at any time and upon such terms and conditions and for
such purposes and to such persons as the Directors may, in their absolute discretion, deem fit
provided that:
Resolution 8
Resolution 9
(i)
(ii)
the aggregate number of shares and/or convertible securities to be issued pursuant to
this Resolution does not exceed 50% of the issued share capital of the Company, of
which the aggregate number of shares and/or convertible securities to be issued other
than on a pro-rata basis to existing shareholders of the Company does not exceed 20%
of the Company’s issued share capital;
for the purpose of determining the aggregate number of shares and/or convertible
securities that may be issued under (i) above, the percentage of issued share capital
shall be based on the issued share capital of the Company at the time this Resolution is
passed, after adjusting for
a) new shares arising from the conversion or exercise of any convertible securities
or employee share options or vesting of share awards that are outstanding or
subsisting at the time this Resolution is passed; and
(b) any subsequent consolidation or subdivision of shares; and
SWISSCO INTERNATIONAL LIMITED_54

NOTICE OF FIRST ANNUAL GENERAL MEETING
(iii)
unless revoked or varied by the Company in general meeting, such authority conferred
by this Resolution shall continue in force until the conclusion of the next Annual General
Meeting of the Company or the date by which the next Annual General Meeting of
the Company is required by law to be held, whichever is the earlier.” [[see Explanatory
Note (f)]
9. “That the participation in the Swissco Share Option Scheme (the “Share Option Scheme”) by Mr
Yeo Chong Lin, who is a Controlling Shareholder of the Company (as defined in the Share Option
Scheme), be and is hereby approved.”[[see Explanatory Note(g) and (h)]
10. “That contingent upon the passing of Ordinary Resolution 10 above, that approval be and
is hereby given to the Directors and any committee appointed by them to offer and grant,
on the terms of and pursuant to the Rules of the Share Option Scheme to Mr Yeo Chong Lin,
options under the Share Option Scheme to subscribe for 300,000 ordinary shares of $0.08 each
in the capital of the Company (“Shares”) at a subscription price equal to the average of the last
dealt prices for a share for the five (5) consecutive market days immediately preceding the latest
practicable date prior to the date of the notice of this Annual General Meeting”. [see Explanatory
Note (g)and (h)]
11. “That the participation in the Swissco Share Option Scheme (the “Share Option Scheme”) by Mr
Alex Yeo Kian Teong, who is a Controlling Shareholder of the Company (as defined in the Share
Option Scheme), be and is hereby approved.”[[see Explanatory Note(g) and (i)]
12. “That contingent upon the passing of Ordinary Resolution 12 above, that approval be and is
hereby given to the Directors and any committee appointed by them to offer and grant, on
the terms of and pursuant to the Rules of the Share Option Scheme to Mr Alex Yeo Kian Teong,
options under the Share Option Scheme to subscribe for 300,000 ordinary shares of $0.08 each
in the capital of the Company (“Shares”) at a subscription price equal to the average of the last
dealt prices for a share for the five (5) consecutive market days immediately preceding the latest
practicable date prior to the date of the notice of this Annual General Meeting.” [(see Explanatory
Note (g) and (i)]
13. “That the directors be and are hereby authorised to allot and issue from time to time such
number of shares in the capital of the Company as may be required to be issued pursuant to the
exercise of the options under the Swissco Share Option Scheme (the “Share Option Scheme”),
provided always that the aggregate number of shares to be issued pursuant to the Share Option
Scheme shall not exceed fifteen percent (15%) of the total issued share capital of the Company
from time to time.”[[see Explanatory Note(j)]
Resolution 10
Resolution 11
Resolution 12
Resolution 13
Resolution 14
By Order of the Board
Tan Ching Chek
Company Secretary
Dated: 13 April 2005
Explanatory Notes to Ordinary and Special Business to be transacted: -
(a)
(b)
Mr Alex Yeo Kian Teong will continue to be a member of the Remuneration Committee and Nominating
Committee upon his re-election as a Director of the Company.
Mr Rohan Kamis, the Chairman of the Audit Committee and a member of the Remuneration Committee will
continue in office as Chairman of the Audit Committee and a member of the Remuneration Committee upon his
ANNUAL REPORT 2004_55

NOTICE OF FIRST ANNUAL GENERAL MEETING
re-election as a Director of the Company and will be considered independent for the purposes of Rule 704(8) of
the Listing Manual of The Singapore Exchange Securities Trading Limited.
(c)
(d)
(e)
(f)
(g)
Dr Chiang Hai Ding, the Chairman of the Nominating Committee and a member of the Audit Committee will
continue in office as Chairman of the Nominating Committee and a member of the Audit Committee upon his
re-election as a Director of the Company and will be considered independent for the purposes of Rule 704(8) of
the Listing Manual of The Singapore Exchange Securities Trading Limited.
Mr Phillip Chan Yee Foo, the Chairman of the Remuneration Committee and a member of the Audit Committee
and Nominating Committee will continue in office as Chairman of the Remuneration Committee and a member
of the Audit Committee and Nominating Committee upon his re-election as a Director of the Company and will
be considered independent for the purposes of Rule 704(8) of the Listing Manual of The Singapore Exchange
Securities Trading Limited.
Ordinary Resolution 8 will empower the Company to pay the Directors’ Fees to the Directors of the Company for
the period from 29 January 2004 to 31 December 2004.
The Ordinary Resolution No 9 if passed, will empower the Directors of the Company to issue shares in the capital
of the Company up to an amount not exceeding in aggregate fifty percent (50%) of the issued share capital of
the Company at the time of the passing of this resolution, of which the aggregate number of shares to be issued
other than on a pro-rata basis to shareholders of the Company does not exceed twenty percent (20%) of the
issued share capital of the Company.
Under the Rules of the Share Option Scheme, persons who are Controlling Shareholders of the Company or their
associates shall participate in the Scheme provided that:
(i)
(ii)
(iii)
written justification have been provided to the shareholders for their participation at the introduction of
the Scheme or prior to the first grant of options offered to them;
their participation and the actual number and terms of any option to be granted to them have been
specifically approved by shareholders of the Company who are not beneficiaries of the grant in a general
meeting in separate resolutions for each such Controlling Shareholder or its associates; and
All conditions for their participation in the Scheme as may be required by the regulation of the SGX-ST
from time to time are satisfied.
The total number of Scheme Shares to be offered to Controlling Shareholders and their associates shall not
during the entire operation of the Scheme exceed twenty-five (25%) per cent of the Scheme Limit and the total
number of shares to be offered to a participant who is a Controlling Shareholder or associate shall not during
the entire operation of the Scheme exceed ten (10) per cent of the Scheme Limit.
(h) (i) The ordinary resolutions 10 and 11, if passed, will allow Mr Yeo Chong Lin to participate in the Share
Option Scheme and empower the Directors to grant options to Mr Yeo Chong Lin, on the terms of and
pursuant to the Rules of the Share Option Scheme to subscribe for 300,000 ordinary shares of $0.08 each
in the capital of the Company. The basis for the participation of Mr Yeo Chong Lin in the Swissco Share
Option Scheme has been provided in the Prospectus dated 3 November 2004 (“the Prospectus”). A copy of the
Prospectus may be inspected at the registered office of the Company at 9 Pandan Road Singapore 609257
during normal business hours from the date hereof up to and including the date of the Annual General
Meeting (“AGM”). The relevant extract from the Prospectus is reproduced below for convenience of
reference.
(ii)
Mr Yeo Chong Lin is the Executive Chairman of the Company and has been responsible for the overall
management, strategic planning and direction of the Group since taking over the helm of the then sole
proprietorship in 1972. Mr Yeo Chong Lin has been with the Group ever since, and has played a pivotal
role in steering the growth of the Group with his 33 years of experience in the marine logistics industry.
He has ably led the Group by exploiting its first mover advantage in meeting the growing need for
marine logistics by shipping lines in this region and building up a good track record and reputation of the
Company.
SWISSCO INTERNATIONAL LIMITED_56

NOTICE OF FIRST ANNUAL GENERAL MEETING
(iii)
(iv)
(v)
(vi)
(vii)
Mr Yeo Chong Lin was one of the pioneers in the marine logistics business. He has in-depth knowledge
of the needs of the business as it evolved over the years. His ability to anticipate business trends and
demand has enabled the Group to offer the right type of vessels to customers when they are needed. In
particular, this is important to the offshore support industry as under its present market practice, marine
logistics providers must have the right type of offshore support vessels available before they are qualified
to tender for a charter or supply contract.
Mr Yeo Chong Lin has also successfully implemented a strategy to provide a comprehensive range of
services to meet all the customers’ marine support and logistics needs at competitive terms, with prompt,
reliable and efficient service at all times. The range of services available to the Group’s customers includes
the provision of ship repair and ship maintenance services.
Mr Yeo Chong Lin was responsible for the establishment of the business and has been the face of the
Company to its customers and suppliers and is synonymous with the name of Swissco in the industry. Mr
Yeo Chong Lin continues to play an instrumental role in charting the Group’s expansion and business
development plans.
In recognition of his efforts and contribution in steering the Group to another year of profits for the
financial year ended 31 December 2004 and to further motivate him to create value for shareholders, the
Company is proposing to grant an option to Mr Yeo Chong Lin to subscribe for 300,000 ordinary shares
of $0.08 each in the capital of the Company (“Shares”) at a subscription price equal to the average of the
last dealt prices for a share for the five (5) consecutive market days immediately preceding latest practicable
date prior to the date of the notice of this AGM.
As the proposed resolutions 10 and 11 relate to Mr Yeo Chong Lin’s participation in the Swissco Share
Option Scheme and the authorisation for the Company to grant options to Mr Yeo Chong Lin, the
latter and his associates will abstain from voting on these resolutions at the AGM and shall decline any
appointment as proxies for shareholders to vote on these resolutions unless the shareholders concerned
have given specific instructions in their respective proxy forms as to the manner in which their votes are
to be cast in respect of the relevant resolutions.
(i) (i) The ordinary resolutions 12 and 13, if passed, will allow Mr Alex Yeo Kian Teong to participate in the Share
Option Scheme and empower the Directors to grant options to Mr Alex Yeo Kian Teong, on the terms of
and pursuant to the Rules of the Share Option Scheme to subscribe for 300,000 ordinary shares of $0.08
each in the capital of the Company. The basis for the participation of Mr Alex Yeo Kian Teong in the Swissco
Share Option Scheme has been provided in the Prospectus. A copy of the Prospectus may be inspected at the
registered office of the Company at 9 Pandan Road, Singapore 609257 during normal business hours from
the date hereof up to and including the date of the AGM. The relevant extract from the Prospectus is
reproduced below for convenience of reference.
(ii)
(iii)
(iv)
Mr Alex Yeo Kian Teong is the Chief Executive Officer of the Company. Mr Alex Yeo Kian Teong joined
the Company in 1992 after he completed his undergraduate study for a Bachelor of Science in Business
Administration from the University of San Francisco and his national service. He has been with the Group
for 12 years and has been responsible for identifying reliable and capable partners to team up with
them to manage the overseas operations. Together with the Executive Chairman Mr Yeo Chong Lin, their
experience in this industry enables them to identify the growth opportunities available in the region and
to team up with like-minded business partners to jointly capitalise on these opportunities.
His in-depth knowledge of market trends and conditions was instrumental in expanding the Group’s
market coverage beyond the Singapore market to include Malaysia and Indonesia.
In his role as Chief Executive Officer, Mr Alex Yeo Kian Teong is responsible for business growth and
corporate development of the Group. He is also responsible for the effective management of the Group’s
regional operations, business relations with the suppliers and shipbuilders, networking with major industry
players such as ship owners, oil and gas offshore operators, and other marine logistics providers. Through
his contacts, he will also be on the lookout for new innovative services and facilities to incorporate into
the Group’s activities.
ANNUAL REPORT 2004_57

NOTICE OF FIRST ANNUAL GENERAL MEETING
(v)
(vi)
In recognition of his efforts and contribution in leading the Group to another year of profits for the
financial year ended 31 December 2004 and to further motivate him to create value for shareholders, the
Company is proposing to grant an option to Mr Alex Yeo Kian Teong to subscribe for 300,000 ordinary
shares of $0.08 each in the capital of the Company (“Shares”) at a subscription price equal to the average
of the last dealt prices for a share for the five (5) consecutive market days immediately preceding the latest
practicable date prior to the date of the notice of this AGM.
As the proposed resolutions 12 and 13 relate to the Mr Alex Yeo Kian Teong’s participation in the Swissco
Share Option Scheme and the authorisation for the Company to grant options to Mr Alex Yeo Kian Teong,
the latter and his associates will abstain from voting on these resolutions at the AGM and shall decline any
appointment as proxies for shareholders to vote on these resolutions unless the shareholders concerned
have given specific instructions in their respective proxy forms as to the manner in which their votes are
to be cast in respect of the relevant resolutions
The Directors collectively and individually accept full responsibility for the accuracy of the information given and
confirm that, having made all reasonable enquiries, to the best of their knowledge and belief, the facts stated
and opinions expressed herein are fair and accurate and there are no material facts the omission of which would
make any statement misleading.
(j)
The Ordinary Resolution No 14 if passed, will empower the Directors of the Company to issue shares in the
Company pursuant to the exercise of the options under the Swissco Share Option Scheme provided that the
aggregate number of shares to be issued does not exceed fifteen percent (15%) of the issued share capital of the
Company at any time.
Notes to Proxy Form:
(i)
(ii)
(iii)
(iv)
A member entitled to attend and vote at this meeting is entitled to appoint one or two proxies to attend and
vote in his stead. A proxy need not be a member of the Company.
If a proxy is to be appointed, the form must be deposited at the registered office of the Company at 9 Pandan
Road Singapore 609257 not less than 48 hours before the time set for the meeting.
The form of proxy must be signed by the appointor or his attorney duly authorised in writing.
In the case of joint shareholders, all holders must sign the form of proxy.
SWISSCO INTERNATIONAL LIMITED_58

SWISSCO INTERNATIONAL LIMITED
(Incorporated in Singapore)
ANNUAL GENERAL MEETING
PROXY FORM
Important
1. For investors who have used their CPF monies to buy Swissco
International Limited shares, this Annual Report is sent to them
at the request of their CPF Approved Nominees and is sent solely
FOR INFORMATION ONLY.
2. This Proxy Form is FOR USE ONLY BY MEMBERS whose shares in
Swissco International Limited are registered in their names. It is
not valid for use by CPF investors and persons whose shares are
not registered in their own names, and shall be ineffective for all
intents and purposes if used or purported to be used by them.
I/We _____________________________________________________________________________________________________ (Name)
of ______________________________________________________________________________________________________ (Address)
being a member/members of SWISSCO INTERNATIONAL LIMITED hereby appoint:-
Name
Address
NRIC/Passport
Number
Proportion of
Shareholdings (%)
and/or (delete as appropriate)
Name
Address
NRIC/Passport
Number
Proportion of
Shareholdings (%)
or failing whom, the Chairman of the meeting, as my/our proxy/proxies to vote for me/us on my/our behalf, at the Annual
General Meeting of the Company to be held on 29 April 2005 and at any adjournment thereof in the following manner:
Resolution No For Against
1. Adoption of Reports and Accounts
2. Re-appointment of Mr Yeo Chong Lin pursuant to Section 153(6) of the Companies Act,
Chapter 50
3. Re-election of Mr Alex Yeo Kian Teong, a director retiring under Article 87
4. Re-election of Mr Rohan Kamis, a director retiring under Article 94
5. Re-election of Dr Chiang Hai Ding, a director retiring under Article 94
6. Re-election of Mr Phillip Chan Yee Foo, a director retiring under Article 94
7. Re-appointment of Auditors and authorisation of directors to fix their remuneration
8. To approve Directors’ Fees
9. Authority to issue and allot shares pursuant to Section 161 of the Companies Act, Cap 50
10. To approve the participation in the Swissco Share Option Scheme by Mr Yeo Chong Lin.
11. To approve the grant of options under the Swissco Share Option Scheme to Mr Yeo Chong Lin.
12. To approve the participation in the Swissco Share Option Scheme by Mr Alex Yeo Kian Teong.
13. To approve the grant of options under the Swissco Share Option Scheme to Mr Alex Yeo Kian Teong.
14. To authorise the Directors to issue and allot shares in accordance with the provisions of the
Swissco Share Option Plan
If you wish to exercise all your votes For or Against, please tick with ‘’. Alternatively, please indicate the number of votes
For or Against each resolution.
If this form of proxy contains no indication as to how the proxy should vote in relation to each resolution, the proxy shall,
as in the case of Any Other Business raised at the meeting, vote as the proxy deems fit.
Dated this _______ day of __________________ 2005.
________________________________________
Signature(s) of Member(s)/Common Seal
IMPORTANT: PLEASE READ NOTES OVERLEAF
Total Number of shares in
(a) CDP Register
(b) Register of Members
No of Shares

NOTES
1. A member entitled to attend and vote at the Meeting is entitled to appoint one or two proxies to attend and vote
in his stead.
2. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportion
of his holding (expressed as a percentage of the whole) to be represented by each proxy.
3. A proxy need not be a member of the Company.
4. A member should insert the total number of shares held. If the member has shares entered against his name in the
Depository Register (as defined in Section 130A of the Companies Act, Cap. 50 of Singapore), he should insert that
number of shares. If the member has shares registered in his name in the Register of Members of the Company, he
should insert that number of shares. If the member has shares entered against his name in the Depository Register
and registered in his name in the Register of Members, he should insert the aggregate number of shares. If no
number is inserted, this form of proxy will be deemed to relate to all shares held by the member.
5. The instrument appointing a proxy or proxies must be deposited at the Company’s registered office at 9 Pandan
Road Singapore 609257 not less than 48 hours before the time set for the Meeting.
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly
authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be
executed either under its common seal or under the hand of its attorney or a duly authorised officer.
7. Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the letter or power of
attorney or a duly certified copy thereof must (failing previous registration with the Company) be lodged with the
instrument of proxy, failing which the instrument may be treated as invalid.
GENERAL
The Company shall be entitled to reject a Proxy Form which is incomplete, improperly completed, illegible or where the
true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form.
In addition, in the case of shares entered in the Depository Register, the Company may reject a Proxy Form if the member,
being the appointor, is not shown to have shares entered against his name in the Depository Register as at 48 hours before
the time appointed for holding the Meeting, as certified by The Central Depository (Pte) Limited to the Company.

SWISSCO
Swissco International Limited
Company Registration Number: 200401051D
9 Pandan Road, Singapore 609257
Tel: (65) 6265 2855
Fax: (65) 6264 1661/6266 0719
E-mail: swissco@singnet.com.sg
Website: www.swissco.net