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PSA sells offshore unit for $500m

PSA sells offshore unit for $500m

Singapore: The world's second largest terminal operator PSA, has sold its offshore marine activities to Hong Kong-based Pacific Carriers for about $500m, reports Gulf News. The sale of unit, which operates tugs, crane barges and other vessels that move and supply offshore oil platforms, is likely to be the last significant disposal of PSA's non-container assets, allowing the company to streamline its business portfolio.

PSA has confirmed that although it has sold the marine services business, acquired in 2001 from Singapore's SembCorp, it plans to hold on to the towage and other services operating in the Port of Singapore.  [23/10/07]

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