Pacific Radiance has exited its joint venture (JV) with Australia’s Westsea Marine.
The Singaporean owner has sold its 50% shareholding interest in Westsea Radiance for a symbolic fee of $1.
It said the net tangible liability position of $14.3m of the joint company was taken into consideration.
It bought into the Australian company in April 2014, as part of its efforts to expand its business worldwide.
As of today, Westsea Marine owns a fleet of 11 offshore support vessels.
It reported a net loss of $18.1m yesterday on the back of a $18.9m revenue.
“We expect significant preservation of our cash flow in the coming quarter from our recently concluded arrangements with our key bankers,” the company said.
