POSH takes full control of Pacific Workboats

POSH takes full control of Pacific Workboats

Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) has entered into an agreement with Dolphin Shipping Company to acquire the remaining equity stake in their Pacific Workboats joint venture.

Pacific Workboats is a 50:50 joint venture between POSH and Dolphin Shipping, a fully owned subsidiary of Sembcorp Marine. The company mainly offers harbour services in Singapore.

POSH will acquire Dolphin’s 50% stake in Pacific Workboats for $679,464 and expects to complete the deal by the end of this year.

For the acquisition to proceed, Pacific Workboats will first have to distribute $34m worth of dividends each to POSH and Dolphin, primarily in the form of vessels.

Last month, POSH’s 50% owned subsidiary POSH Terasea was hit by default claims from creditors.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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