SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

More documents

Recommendations

Info

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
Page 1 and 2: SWISSCO SAILING THE SEAS OF SUCCESS
Page 3 and 4: GROUP STRUCTURE 100% 100% Swissc
Page 5 and 6: CHAIRMAN’S STATEMENT “Our Group
Page 7: CORPORATE PROFILE Out Port Limit (O
Page 11 and 12: BOARD OF DIRECTORS Mr Yeo Chong Lin
Page 13 and 14: CORPORATE INFORMATION BOARD OF DIRE
Page 15 and 16: OPERATIONS REVIEW Our Group’s two
Page 17 and 18: our vessels OUT PORT LIMIT (OPL) BO
Page 19 and 20: CORPORATE GOVERNANCE REPORT Swissco
Page 21 and 22: CORPORATE GOVERNANCE REPORT Interna
Page 23 and 24: DIRECTORS’ REPORT Directors’ co
Page 25 and 26: STATEMENT BY DIRECTORS In the opini
Page 27 and 28: CONSOLIDATED INCOME STATEMENT FOR T
Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
Page 55 and 56: STATISTICS OF SHAREHOLDINGS AS AT 1
Page 57 and 58: NOTICE OF FIRST ANNUAL GENERAL MEET
Page 59 and 60:
NOTICE OF FIRST ANNUAL GENERAL MEET
Page 61 and 62:
SWISSCO INTERNATIONAL LIMITED (Inco
Page 63:
SWISSCO Swissco International Limit
show all

SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

Create successful ePaper yourself

Delete template?

Save as template?