POSH Terasea Liquidated After Default

PACC Offshore Services Holdings (POSH), an Asian operator of offshore support vessels, with a diversified fleet servicing offshore oil and gas E&P activities,  said its joint venture, POSH Terasea (PTPL) would be voluntarily liquidated by creditors after it defaulted on a facility with an outstanding amount of around US$27.6 million.

POSH said the maximum potential financial impact arising from the liquidation will be up to $42m and no material impact to its operating cash flow is expected.

PTPL is 50 percent-owned by POSH and 50 percent-owned by Terasea, which itself is a 50:50 joint venture between Ezion and Seabridge Marine Services.

Independent of PTPL, POSH’s own fleet of Anchor Handling Tug Supply (AHTS) remains well-positioned to service our customers in the ocean towage sector globally.

The announcement on PTPL follows POSH’s recent acquisition of the remaining stake in its Pacific Workboats Pte Ltd (PWPL) joint venture, in line with its ongoing business review.

As the 100% shareholder of PWPL, POSH is now more agile in capturing related opportunities in the harbour services sector, including re-deploying select assets for longer-term charters overseas while serving clients in Singapore.