Sembmarine unit sells Pacific Workboats stake to POSH for $937,660

The move is in line with the company's goal to renew its tugboat fleet.

Dolphin Shipping Company, a subsidiary of Sembmarine (SCM), is selling its 50% stake in Pacific Workboats (PWPL) to PACC Offshore Services Holdings (POSH) for $937,660 (US$679,464) in cash, the company announced.

POSH is an existing 50% shareholder of PWPL.

SCM will divest its entire holding of 250,000 ordinary shares in the company, which represent 50% shareholding interest.

The divestment is conditional upon the distribution of dividends of US$34m to each shareholder, to be undertaken by PWPL prior to the completion of the divestment.

The Dividends Distribution will be satisfied through a distribution of assets, comprising primarily of vessels.

The deal is expected to complete by end 2019, following which PWPL will cease to be a joint venture of SCM.

The divestment is said to be in line with SCM’s plan for its tugboat fleet which will be renewed after the company’s liquefied natural gas (LNG)-hybrid tug designs.

Also Read

Shell pipeline leaks oil into Singapore’s Bukom Island

Changi Airport Group unveils three faster vessels for sea rescues

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit