Swire Pacific Offshore, the Singaporean arm of Hong Kong-based Swire Pacific, is on the lookout for acquisitions during the economic downturn despite having a fleet of 70 vessels and a further 20 on order.
The acquisition of vessels would go towards replacing some of the older ones in Swire Pacific Offshore's fleet which were built between 1982 and 1986.
Swire Pacific Offshore's Managing Director, Brian Townsley, said that he expected some consolidation in the sector in the next year.
He added that the company had plans but would wait for the market to improve. This, he said, would likely happen only in the latter part of 2010.