Image: POSH
PACC Offshore Services Holdings Ltd (POSH), Asia’s largest operator of offshore supply vessels announced today that Mexican conglomerate Grupo Pegaso has signed a term sheet for a position with their company’s joint ventures in Mexico which are involved in the owning and chartering of offshore support vessels.
Joint ventures in Mexico have been a huge thorn in the side of POSH this year however.
According to the company’s first quarter earnings statement, POSH recorded a $3.2 million loss due to “lower revenue in certain JVs and provision of doubtful debts by JVs in Mexico.”
The company appears to be referring to the scandal involving their joint venture partner Oceanographia which gained $585 million in loans from Citigroup’s Mexico unit, Banco Nacional de Mexico in order to charter 8 vessels from POSH. Unfortunately, the collateral for the loans were fake invoices to PEMEX drawn up by Oceanographia.
On 21 May 2014, a court ordered PEMEX to halt charter hire payments to the six remaining vessels being operated by the Oceanographia – POSH joint venture known as Servicios Mar?timos Gosh, aka GOSH.
POSH was not specific regarding the details of the joint venture, but considering significant issues still linger surrounding the Oceanographia scandal, and the six vessels tied to it, this partnership today is noteworthy.
POSH is currently trading at S$1.14, or 1 cent below their 25 April IPO price of S$1.15.
We’ve reached out to POSH for further comment.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,912 members that receive our newsletter.
Have a news tip? Let us know.
The Department of the Interior has announced a new rule aiming to ensure that costs related to the decommissioning of offshore platforms are covered by the oil and gas industry,...
(Bloomberg) — For a company that made its name with frontier oil discoveries from Iran to Alaska, BP Plc is notably absent from today’s hottest new oil plays. The company’s...
Virginia-based energy company Dominion Energy has announced the launch of the first U.S.-built and Jones Act-compliant offshore wind turbine installation vessel, the Charybdis. A 472-foot vessel is being built at the...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,912 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
