Pacific Workboats is now a wholly owned subsidiary of Singapore exchange-listed OSV owner PACC Offshore Services Holdings (POSH), which completed a deal acquiring Dolphin Shipping’s 50% interest in the joint venture towage company
As previously reported, Dolphin Shipping, a subsidiary of Sembcorp Marine, sold its 250,000 ordinary shares in Pacific Workboats to POSH for US$679,464. One of the largest acquisitions in the towage sector in recent memory, Pacific Workboats operates a fleet of harbour tugs, mainly in Singapore, Malaysia, Vietnam and New Caledonia, and heavy-lift floating cranes.
POSH is one of the largest owners of offshore support vessels in Asia, operating some 122 vessels as of 30 June 2019.
Sembcorp Marine said it divested its interest in Pacific Workboats as part of its plan to renew and operate its own fleet of tugs based on its own proprietary designs. Subsidiary LMG Marin has developed an LMG 60 TGH LNG hybrid azimuth stern drive vessel design. Sembcorp Marine has plans to construct up to 12 LNG hybrid tugs for its fleet.
OSV markets and smart tug opportunities were presented at Riviera Maritime Media’s Asia Offshore Support Journal Conference and Smart Tug Operations Conference in Singapore in September. More opportunities and market solutions will be discussed in London 5-6 February 2020 at the Annual Offshore Support Journal Conference, Awards and Exhibition.