‘Prolonged’ OSV weakness led to POSH Terasea default

Singapore’s Ezion Holdings has blamed “prolonged weakness” in OSV markets for the loan default experienced by its joint venture POSH Terasea. Its partner in the company, PACC Offshore Services Holdings (POSH), revealed the default involving an unnamed lender this week, and said it faced an impairment of $42m. Ezion has an effective 25% stake through its share in POSH Terasea co-owner Terasea, which also involves Seabridge Marine Services. It said:…

September 20, 2019
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POSH facing $42m impairment as JV defaults

Singapore OSV owner PACC Offshore Services Holdings (POSH) has said it is facing a big impairment charge after a joint venture defaulted on a loan. The Robert Kuok-backed company said an unnamed lender has called in the $27.6m outstanding on ship financing loans and a revolving credit facility. These were granted to its 50%-owned venture POSH Terasea and secured solely by five anchor-handlers owned by the JV: the 13,500-hp Salvanguard…

September 19, 2019
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SeaBird Exploration lines up survey work in Africa and Asia

SeaBird Exploration has won new deals to conduct offshore surveys in Africa and in the Asia-Pacific region. The Oslo-listed company said it has signed a contract to acquire a 2D seismic survey for an unnamed “international” oil and gas company in the Africa region. The three-week-long contract will employ Seabird’s 81-metre seismic survey vessel Nordic Explorer (built 1986) from the end of September. AIS data shows the vessel is currently…

September 19, 2019
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Van Oord bags Taiwan offshore wind farm contract

Van Oord has become the latest shipowner to benefit from Taiwan’s huge investments in offshore wind technology. The Dutch company has just secured a contract by Denmark’s Orsted for the cable installation works at the Greater Changhua 1 & 2a offshore wind farms. Van Oord said it will be responsible for the transportation, installation and burial of the 111 inter array cables and three export cables. To carry out the…

September 19, 2019
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Solstad sells laid-up anchor handler

Solstad Offshore has sold an elderly anchor-handler that has been laid up for over three years. The 16,304-hp Far Saltire (built 2002) was sold by Solstad’s subsidiary Farstad Marine for an undisclosed amount to an unknown buyer. VesselsValue.com estimates the ship’s current market value at Source: http://www.tradewindsnews.com

September 18, 2019
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Seacor Holdings rebrands two subsidiaries under Waterman

Seacor Holdings has placed two of its subsidiaries under its Waterman Logistics banner. Central Gulf Lines has become Waterman Transport and joined its sister company, Waterman Steamship Corp to comprise the Waterman Logistics brand. The rebranded Waterman businesses will continue to provide “door-to-door logistics” Source: http://www.tradewindsnews.com

September 17, 2019
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Sembcorp sends FPSO to Brazil’s Santos Basin

Sembcorp Marine subsidiary Estaleiro Jurong Aracruz (EJA) has finished building an FPSO set for Brazil’s Santos Basin. The P-68 newbuild left the EJA shipyard today and will be deployed to ultra-deepwater Berbigão and Sururu fields. The 150,000-bpd vessel is built for Tupi, a Source: http://www.tradewindsnews.com

September 16, 2019
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Hermitage Offshore still in red

Hermitage Offshore stayed in the red in the second quarter. The Scorpio Group-backed, New York-traded offshore vessel owner reported a $4m loss for the second three months of 2019, alongside a $0.22 loss per share, deeper than the $0.13 loss per share consensus. The company Source: http://www.tradewindsnews.com

September 5, 2019
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Tidewater’s Rynd hanging it up

Tidewater chief executive John Rynd is retiring. The New York-traded offshore giant announced the move after the close of trading Wednesday, effective immediately. He will be replaced by Quintin Kneen, the company’s current chief financial officer. Rynd took over the top spot at Houston-based Tidewater Source: http://www.tradewindsnews.com

September 4, 2019
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Atomflot signs $1.5bn deal for two more icebreakers

Russia’s nuclear agency Atomflot has ordered two additional multipurpose nuclear-powered icebreakers worth $1.5bn. They are the fourth and fifth in its Project 22220 series at the Baltiysky Zavod yard, it said. Demand for nuclear-powered icebreakers along the Northern Sea Route is growing, Source: http://www.tradewindsnews.com

September 3, 2019
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