Pacific Basin Sells Share in OMSA JV

Pacific Basin Sells Share in OMSA JV

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.

Press Release


Share this article

Follow World Maritime News

In Depth>


<< Feb 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3


The mindset of sustainability and efficiency is the key to unlocking successful business…

read more >


LNG2019 features the largest number and highest level of LNG industry leaders.

read more >

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >