POSH acquires full ownership of Pacific Workboats

Singapore’s PACC Offshore Services Holdings (POSH) has acquired full ownership of Pacific Workboats (PWPL), a joint venture it had formed with Sembcorp Marine’s 100 per cent-owned subsidiary Dolphin Shipping.

POSH has acquired Dolphin’s 50 per cent equity stake in the joint venture company, which offers harbour services in Singapore and some neighbouring countries, for a consideration of US$679,464.

The acquisition is expected to complete by the end of 2019, following which PWPL will cease to be a joint venture of POSH and will instead become a wholly-owned subsidiary.