POSH Terasea (PTPL) will be voluntarily liquidated having defaulted on a credit facility.
PTPL is 50 percent-owned by PACC Offshore Services Holdings (POSH) and 50 percent-owned by Terasea, which is a 50:50 joint venture between Ezion and Seabridge Marine Services. PTPL specialised in offshore marine services, with a focus on towage and mooring installations of floating production storage and offloading (FPSO) platforms.
For example, in 2016, PTPL secured the contract to tow and position the Shell Prelude floating liquefied natural gas (FLNG) platform from South Korea to Australia, as HLPFI reported here.
On September 19, 2019, POSH announced that PTPL had defaulted on a loan facility, the outstanding balance being USD27.6 million. POSH said that the maximum financial impact on the group as a result of the liquidation would be USD42 million. It added that no material impact on the company’s cashflow is forecast.
In separate news, POSH confirmed that has acquired the remaining stake in the Pacific Workboats Pte Ltd (PWPL) joint venture from Dolphin Shipping.