Swan Energy Announces Scheme of Arrangement and Amalgamation Between Triumph Offshore and Reliance Naval and Engineering

Swan Energy's subsidiaries, Triumph Offshore and Reliance Naval and Engineering, have approved a scheme of arrangement and amalgamation. The scheme is subject to the sanction of the National Company Law Tribunal, regulatory approvals, and approval from shareholders and creditors. The scheme aims to consolidate the group's activities in the shipbuilding, repairs, and transportation sectors, creating a more competitive and diversified entity. The consideration for the scheme will be discharged by the issue of redeemable preference shares by Reliance Naval and Engineering.