Dear Valued Shareholders,
We have arrived at yet another significant milestone in our corporate history this year.
Following the successful acquisition of fast-growing international rig owner Scott and English Energy end July, Swissco is now at the cusp of a new stage of expansion and growth. We are diversifying into medium-term rig chartering and rig-related services business to capture opportunities in a robust market fueled by the continuing demand for energy. The acquisition allows Swissco to penetrate the upstream oil and gas sector, achieves operational synergies and adds a stable, recurring revenue stream to our business as the shallow water rigs are more resilient especially at current oil prices. In doing so, we are increasing the market capitalization of the Group and unlocking further value for our shareholders.
In embarking on this next stage, we continue to build on our fundamentals core values that have contributed to Swissco's phenomenal growth over the years, transforming it from a regional integrated marine services provider to serving oil and gas majors across the globe. Our customer-centric focus, and our ability to deliver timely solutions and quality services have become hallmarks of the Swissco's brand.
One of our core strengths is the Group's deep and long-lasting relationships with major oil and gas players. This wide network of connections that is built on trust enables us to source for and secure the best assets suitable to meet our customers' needs. As a reflection of our sound strategies, the past few years have seen strong top- and bottom-line growth for the Group.
We also strongly believe in open communication with our shareholders, and upholding good corporate governance principles of accountability and transparency. Safeguarding our shareholders' interest is our utmost priority.
I am also honoured to assume the role of Chairman in December, in line with good corporate governance practices. Having sat on several boards, I look forward to contributing my experience in board matters at the helm of a very distinguished Board of Directors. Mr. Tan Fuh Gih, who assumed the chairman role after the acquisition, has stepped down to focus on ramping up the growth of the rig business. He remains on the Board as Executive Director, and will continue to be instrumental in identifying business opportunities for the Group, given his long-standing relationships in the oil and gas industry and his deep understanding of the market. I would also like to thank recent past directors Mr Robert Chua and Mr Chua Wei Teck, as well as welcome Madam Ho Geok Choo and Mr Kelvin Tang to the Board . The realignment of the board further streamlines and strengthens the Group's top management as Swissco expands its global footprint.Most importantly, without your years of loyal support, Swissco would not be where it is today. I thank you for that, and welcome you to join us in this exciting new phase, as the Group strives to become a leading international marine service provider for the shipping, oil and gas industries.
Lim How Teck