Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) could be hit with an impairment charge of up to $42m, following the default of its 50%-owned joint venture on $27.6m worth of debt.
The joint venture is POSH Terasea, which the company operates with troubled Ezion Holdings as well as Seabridge Marine Holdings.
The loan is secured by five anchor handling tugs.
“We regret the circumstances as POSH had been committed to exploring options with all parties to enable the POSH Terasea JV to meet its obligations towards lenders. POSH does not expect any material impact to its operating cash flow and continues to have sufficient debt headroom for growth,” a POSH company spokesperson said today.
