PACC Offshore Services Holdings (POSH) is expanding its fleet with the acquisition of a multipurpose offshore construction vessel from Norway’s BOA Offshore.
The Singapore-based offshore marine solutions specialist has snapped up the 2004-built OCV Boa Deep C for an undisclosed sum. The vessel is set to join the POSH fleet in October 2022.
for an undisclosed sum. The vessel is set to join the POSH fleet in October 2022.POSH said the addition of the 119 m long vessel, to be renamed POSH Deep C, will complement the existing fleet with capabilities including subsea installation works and turnkey towage and installation services for the floating offshore wind and energy sector.
“The acquisition of this versatile vessel is an important milestone in POSH’s transformation into a future-ready, sustainable solutions provider for the global energy sector,” noted Low Soon Teck, chief executive officer of POSH.
POSH is part of the Kuok Group, with a diversified fleet of around 70 vessels.
Boa OCV, whose shares were in July taken over by Norwegian bond trustee Nordic Trustee on behalf of the creditors and transferred to NT Refectio 24, ultimately owned by Stiftelsen NT Refectio, is also selling the 2007-built Boa Sub C.
Boa said earlier this month that the net sale price of the Boa Deep C together with certain unrestricted cash of the issuer which may be available for distribution to the bondholders upon closing is expected to generate a distribution of approximately 25% to 35% of the current outstanding amount under the bonds.
