Sustainability is an integral part of how we manage our business. We remain committed to conduct our business with integrity and fairness and maintaining the highest standards of professionalism in all our dealings with others. We seek mutually beneficial relationships with everyone we do business with.
Swire Pacific Offshore (SPO) is a wholly-owned subsidiary of Swire Pacific Limited, one of Hong Kong SAR's leading publicly quoted companies with diversified interests in five divisions: Aviation, Beverages, Marine Services, Property and Trading & Industrial.
SPO is a leading service provider to the offshore Oil and Gas industry with a network that spans the globe. SPO owns and / or operates a number of offshore support vessels. At the end of 2020, the fleet included a mix of Anchor Handling Tug Supply (AHTS) Vessels, Platform Supply Vessels (PSV), Seismic Survey Vessels, High Speed Crew Catamaran, Accommodation Barge and Construction Support Vessel.
Overall SPO's asset value was USD 348.8 million. However, given the tightening market across the offshore support spectrum, SPO determined to focus our fleet going forward in the core sectors of AHTS and PSVs and to manage the age profile of the fleet. This reflects the increasing requirements of clients for Offshore Support Vessels (OSVs) under 15 years old.
Founded in 1975, SPO has over 45 years of experience supporting blue chip companies across the globe. Headquartered in Singapore since 1992, SPO has subsidiaries and / or regional and representative offices in Angola, Australia, Brazil, Brunei, Cameroon, Canada, Cyprus, Equatorial Guinea, Guyana, Ghana, India, Indonesia, Malaysia, New Zealand, the Philippines, Qatar, Taiwan region, the United Arab Emirates, the United Kingdom and the United States of America (USA) operating vessels in every major oil exploration region outside of North America (24 offices around the world, with a presence in most major markets except in the USA Gulf of Mexico).
On 8th October 2020 SPO announced our intention to list our subsidiary, Swire Blue Ocean (SBO), on the Oslo Stock Exchange. The company was also rebranded as Cadeler on 22nd October, a name selected to reflect its Scandinavian maritime heritage and its commitment to excellence in maritime operations.
The IPO took place on 27th November 2020 and positioned the company for the next phase of its growth, intended to ensure that it remains a market leader, offering a unique proposition in what is an exciting and rapidly expanding sector.
SBO had two windfarm installation vessels which were transferred to Cadeler.
SPO was the largest shareholder in the business at the end of 2020, however does not have management or operational control from the date of the IPO.
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As at the end of December 2020, SPO owned 61 vessels and managed one third-party vessel. During 2020 nine vessels were sold and one redelivered to its owners (Seabed Stingray), following the closure of Swire Seabed AS.
The average age of SPO's fleet was 9.7 years. Seafarers manning is either done in-house or through our joint venture partners where possible. Only Maritime Labour Convention (MLC) compliant Manning agencies are used should we require temporary sources of manning.