PACC Offshore Services Holdings (POSH) is buying out its joint venture partner in harbor services company Pacific Workboats.
Dolphin Shipping Company, a subsidiary of Sembcorp Marine, has agreed to offload its 50% stake in the company which operates in Singapore and across the region.
POSH is paying $679,464 for the 50% stake and the acquisition is scheduled to be completed by the end of the year.
“This decision to acquire the rest of PWPL is aligned with POSH’s ongoing comprehensive review of all its businesses and investments,” the company said.
“Thereafter, POSH will continue to offer harbour services in Singapore independently while re-deploying select assets from Pacific Workboats for longer-term charters overseas.”
POSH chief executive Lee Keng Lin added: “The prospects for the harbour services sector remain attractive, and we look forward to this next chapter and will work to grow our business both in Singapore and abroad,” said
“This decision on Pacific Workboats marks another proactive step forward in our comprehensive business review, as we continue to sharpen our strategy and be better positioned for our next phase of growth.”
Formed in 2003, Pacific Workboats says it leverages on the “considerable experience and resources” of its parents covering markets in Singapore, Malaysia, Vietnam and New Caledonia.
In addition to harbor tugs it operates heavy lift floating cranes which have been used in the local and regional shipping, ship repair and shipbuilding segments.
These include the removal and installation of equipment individually or in blocks for FPSO conversions, rig buildings and conventional ship building activities.
