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.