Pacific Basin Shipping’s wholly owned subsidiary PB Sea-Tow Holdings (BVI) Limited has sold its 50% share in Offshore Marine Services Alliance JV (OMSA) to Skilled Offshore (Australia) Pty Ltd, the other shareholder of OMSA, for AUD 12 million (USD 10.5m).
Following completion, PB Sea-Tow will no longer hold any of the issued share capital of OMSA. Skilled Offshore will make cash payments in three stages.
The initial payment of AUD 3.8m will be made upon completion of the shares transaction, further AUD 6.9m cash will be payable on January 5, 2015, and the final AUD 3m cash will be payed in instalments in April and July 2015.
The principal business activity of OMSA is the execution of the tugs and barges contracts relating to the Gorgon LNG project. The Gorgon project is nearing completion of its construction phase, and tugs and barges are being redelivered.
The Hong Kong-based Pacific Basin says it is leaving OMSA JV to further focus its activities on its dry bulk business.