Latest news from Heavy Lift & Project Forwarding International Magazine

Kuok moves to acquire POSH

Kuok Group has made a voluntary, conditional cash offer for all of the issued and outstanding ordinary shares of PACC Offshore Services Holdings (POSH).

Quetzal Capital, a bid vehicle formed by various companies within the Kuok Group, put the offer forwards.

The offer price is SGD0.215 (USD0.16) in cash per share. In a statement, POSH said this “represents shareholders with a unique cash exit opportunity to realise their entire investment in POSH at an attractive premium over prevailing trading prices without incurring brokerage and other trading costs”.

The announcement coincided with POSH’s third quarter results, which revealed that the financial impact arising from the liquidation of its joint venture POSH Terasea (PTPL) was USD39.8 million. This is lower than the USD42 million previously disclosed.

POSH said it is now working with PTPL stakeholders in order to ensure an orderly wind up of the joint venture.

Independent of PTPL, POSH’s own fleet of anchor handling tug supply (AHTS) vessels remain well positioned to service customers in the ocean towage sector globally, added the group.

Heavy Lift | News

Rotterdam moves ahead with rail link thumbnail image

Rotterdam moves ahead with rail link

June 2 - A steel arch bridge has been installed across the Thomassentunnel and the A15 and N15 motorways in the Netherlands, forming a key link in the port of Rotterdam’s proposed Theemswegtracé railway line.
Views: 408
Seville progresses with port projects thumbnail image

Seville progresses with port projects

June 2 - The Port Authority of Seville (APS) has relaunched five public tenders for port enhancement projects, including the expansion of the Muelle de Armamento (Armament Pier).
Views: 274
Omega Morgan expands footprint thumbnail image

Omega Morgan expands footprint

June 1 - Omega Morgan has expanded its industrial warehouse and storage capabilities at the ports of Tacoma and Portland, USA.
Views: 404

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.