Singapore-based marine company Swissco Holdings has signed a contract worth $56m with an undisclosed South East Asian shipyard to buy a self-propelled liftboat.
The liftboat, which is capable of operating in up to 70m water depths and accommodating 120 people, is due to be delivered within two years and will be deployed to deliver lifeboat services in South East Asia.
Swissco CEO Alex Yeo said: "Acquiring our first liftboat allows us to expand and diversify our existing fleet, and enhances our value proposition to our oil and gas customers as a comprehensive marine services provider.
"With oil and gas majors stepping up their exploration and production activities to satisfy the regional energy demand, Swissco is looking to tap into new opportunities provided by the liftboat market, which remains relatively underpenetrated in this region."
According to Yeo, the demand for liftboats has risen in the region due to the increasing upgrading, maintenance and replacement work of oil platforms and its capability to perform in harsh waters and shallow waters also increase its demand.
The International Energy Agency says that the energy demand in South East Asia will probably increase by more than four fifths before 2035.
Swissco owns, operates and charters offshore support vessels, out-port-limit (OPL) boats, tugs and barges to local and international shipping, and offshore oil and gas industries.