Greater China

Pacific Basin offloads tug assets

Hong Kong: Hong Kong-based Pacific Basin has announced that subsidiary PB Sea-Tow Holding has entered into a sale agreement with Skilled Offshore (Australia) to dispose its entire equity in OMSA at a price of AUD$12m.

The principal business of OMSA operating tugs and barges at the Gorgon LNG project, which is nearing completion of its construction phase.

The disposal is consistent with the company’s stated strategy to further focus its activities on the dry bulk business.

The company expects to gain approximately US$3.5m from the deal.

Earlier this year, the company failed to sell off its harbour towage and offshore towage businesses to PSA Marine. [18/11/14]


Sale of Pacific Basin’s towage division falls through

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