Pacific Richfield to offload 40 AHTS vessels in distressed sale

Pacific Richfield to offload 40 AHTS vessels in distressed sale

Singapore OSV player Pacific Richfield has put 40 AHTS vessels up for sale in what appears to be a distressed sale.

The company has appointed Pareto Securities to market the vessels, in what is described as a “restructuring exercise” in a circular from Pareto. Sources inform Splash that the sale has been led by the company’s banks, which are rumoured to have removed the company’s founder and chairman Rony Sudjaka.

The vessels for sale are made up of 26 modern AHTS vessels across six classes, as well as an older fleet of 14 AHTS vessels. According to the circular, Pacific Richfield is open to “the sale or bareboat charter of individual vessels, classes of vessels, the fleet as a whole or the shares in the individual shipowning entities.”

Splash has been told that all 40 of the vessels are currently laid up in Tuas.

Offers will be considered subject to contract, financing or inspection but outright offers are being given preference while Pacific Richfield is also offering an introduction to its banking partners to assist with financing on the acquisition of the vessels.

A deadline for bids has been set for December 15, then Pacific Richfield will evaluate offers and respond with transactions likely to occur in January.

Indonesian national Sudjaka founded Pacific Richfield in 1989. Sudjaka’s father worked in Hong Kong at the old Taikoo Shipyard from 1926, before moving back to Indonesia to do contracting work. Sudjaka himself, now 78, has been in the OSV business for more than half a century.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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2 Comments

  1. Avatar
    david price
    November 27, 2015 at 9:49 am

    I took the trouble to ask the GM at Pacific Richfield for comment. I quote “it is total rubbish and Chairman remains in post”. He did say Pareto have vessel for sale but
    must refer back on price and terms!!

    david price

    1. Grant Rowles
      Grant Rowles
      November 27, 2015 at 9:58 am

      Hi David, the story is 100% correct and does say the chairman part was a rumour. Staff might not even be privy to such information either, so I wouldn’t totally rule it out.