The SGX-listed firm splashed out SGD 285m ($226.3m) on Scottand English Energy, a company that owns and leases drilling rigs.

Alex Yeo, CEO of Swissco, said: “Swissco's acquisition of afast-growing international rig owner will help diversify its earnings base andprovide us with a stable, recurring income.”

“By adding our drilling units and service rigs to Swissco’sfleet of vessels, we will be able to offer current and potential oil and gascustomers a comprehensive range of services,” added Chua Wei Teck, CEO of Scottand English.