Sembmarine unit sells Pacific Workboats stake to POSH for $937,660

The move is in line with the company's goal to renew its tugboat fleet.

Dolphin Shipping Company, a subsidiary of Sembmarine (SCM), is selling its 50% stake in Pacific Workboats (PWPL) to PACC Offshore Services Holdings (POSH) for $937,660 (US$679,464) in cash, the company announced.

POSH is an existing 50% shareholder of PWPL.

SCM will divest its entire holding of 250,000 ordinary shares in the company, which represent 50% shareholding interest.

The divestment is conditional upon the distribution of dividends of US$34m to each shareholder, to be undertaken by PWPL prior to the completion of the divestment.

The Dividends Distribution will be satisfied through a distribution of assets, comprising primarily of vessels.

The deal is expected to complete by end 2019, following which PWPL will cease to be a joint venture of SCM.

The divestment is said to be in line with SCM’s plan for its tugboat fleet which will be renewed after the company’s liquefied natural gas (LNG)-hybrid tug designs.

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