Pacc Offshore Services Holdings Ltd News

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively, POSH said in a statement.“The offer presents shareholders with a unique cash exit opportunity to realize their entire investment in POSH at an attractive premium over prevailing trading prices,” Quetzal Capital said in a filing to SGX.

Singapore-based offshore marine services provider PACC Offshore Services Holdings Ltd (POSH) and the maritime logistics solutions provider Pacific Carriers Limited (PCL) have selected ABS Nautical Systems  (NS) fleet management software to support their digitalization strategy.Both PCL and POSH are part of Kuok Singapore Limited (KSL) Maritime Group of companies, with competencies extending across offshore marine services, commercial shipping and marine engineering. Both POSH and PCL operate a combined fleet of 245 vessels including tankers, bulkers as well as offshore support vessels.The deal is for multiple NS modules to support the digitalization of workflows including fleet maintenance, purchasing and compliance.

Offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has reaffirmed its working relationship with GAC Angola by renewing its ship agency contract for Soyo and Luanda and extending the agreement to include Cabinda.Under the deal, GAC now provides an integrated range of services for the POSH fleet at all Angolan ports, including crew handling, spares clearance and delivery, bunker fuels and inward/outward clearance of vessels.Kelvin Teo, POSH Director Offshore Supply Vessels…

Malaysian Bulk Carriers Bhd (Maybulk) plans to sell its entire 21.23% stake in Singapore-listed PACC Offshore Services Holdings Ltd (POSH) to its own shareholders, reported The Star. According to the report, Maybulk seeks to raise cash to pay for new vessels and cut down its debts. It also seeks to raise funds to strengthen its future operations in the dry bulk sector. Maybulk said the proposed disposal will enable the group to focus on its core business activity in the dry bulk sector. POSH is involved in offshore marine support services. Kuok (Singapore) Ltd is its largest shareholder with a 60.3% stake. The stake will be sold to its shareholders via a renounceable restricted offer for sale (ROS) exercise involving up to 386.39 million POSH shares, said a report.

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied natural gas facility using its semi-submersible accommodation vessel the “POSH Arcadia”. The 750-pax POSH Arcadia will be deployed to provide accommodation support for the hook-up and commissioning phase of the Shell Prelude FLNG Project in the Browse Basin, off the north-west coast of Western Australia. This is POSH’s second contract for the Prelude FLNG Project. In January 2016, the POSH Terasea joint venture, comprising POSH and Terasea Pte. Ltd., was appointed to provide towage and positioning services for the facility.

Malaysian Bulk Carriers Bhd (Maybulk) is forecasting significant losses for the fourth quarter of 2015 and the financial year ended December 31, 2015 amid depressed market condition. Maybulk, which operates the country’s largest fleet of dry bulk vessels used for international shipping, expects to record “a substantial loss” for the fourth quarter (Q4) ended Dec 31, 2015, and for the 2015 financial year (FY15). In a filing with Bursa Malaysia last Friday, Maybulk said the anticipated substantial loss is mainly attributable to provisions for onerous contracts and impairment of investment in associate company PACC Offshore Services Holdings Ltd (POSH). "The dry bulk market continues to be weak and it is uncertain when the market will recover," it said in the filing.

PT Wintermar Offshore Marine Tbk (WINS) joins with PACC Offshore Services Holdings Ltd (POSH) for Indonesian oil and gas joint venture. The joint venture will own and operate two units of Indonesian flagged 100+ tons bollard pull AHTS, “WINPOSH Rampart” and “WINPOSH Resolve”, both of which have been awarded contracts to support drilling activities for a multinational oil and gas company for up to two and half years. This joint venture will consolidate WINS' market share as one of the leaders in the offshore support services industry in Indonesia…