Restructuring Singapore OSV company Pacific Radiance is being taken over by a mystery investor.
The company said it has signed a binding term sheet with an unnamed vessel owner and logistics provider.
The investor will buy 100% of a new company into which it will put $180m of its assets, in return for Pacific Radiance shares that will see it take a "significant shareholding."
Pacific Radiance had announced a new "anchor" partner in June that was willing to pump in $85m, but some of the investors involved in this deal have pulled out or reduced their committed amounts, it said on Thursday.
The owner applied for court protection earlier this year in the OSV downturn.
Trading in its shares has been suspended since 28 February 2018 pending its restructuring.
Established in 2006, Pacific Radiance has a fleet of 44 ships, with a strong foothold across Asia as well as emerging oil and gas markets in Africa and Latin America.
It also operates a 33,000 sq metre shipyard with over 180 metres of water frontage, featuring two 6,000-dwt dry docks as well as facilities for equipment fabrication, testing and maintenance.
