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…
New Dry Dock at BAE Systems’ San Diego Yard
A new 950-foot-long, 55,000-lifting-ton floating dry dock has arrived at BAE Systems’ San Diego shipyard as part of the company’s $100 million investment in the yard to service the anticipated increase of U.S. Navy ships on the West Coast. “We have made the strategic investment to meet the ship repair needs of the Navy,” said Joe Campbell, vice president and general manager of BAE Systems Ship Repair. The new floating dry dock arrived at the company’s shipyard towed by the oceangoing and salvage tug Posh Terasea Eagle.
POSH Bags Shell FLNG Contract
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.
POSH Terasea Forms World’s Largest and Youngest Fleet
PACC Offshore Services Holdings (POSH), through its EPIC division, has announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd (Terasea). POSH will contribute to the JV a fleet of five specialized Anchor Handlers (12000BHP to 13500BHP) while Terasea contributes four units of newbuilding modern deepwater 16000BHP Anchor Handlers, to be delivered successively over the next 11 months. With this merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market.
