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POSH buying out Sembcorp Marine's stake in Pacific Workboats

Singapore-listed PACC Offshore Services Holdings (POSH) is buying out the 50% of joint venture Pacific Workboats that it does not own.

POSH has signed an agreement with Dolphin Shipping Co to buy Sembcorp Marine’s stake in the 50-50 joint venture for $679,464.

Pacific Workboats provides harbour services and around the region and will become a wholly-owned subsidiary of POSH on completion of the deal.

The deal is expected to be completed this year with payment made in cash.