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.

Posted 11 October 2019

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Marcus Hand

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Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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