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 and Salviscount (both built 2004), and the 12,240-bp Salveritas, Salviceroy and 12,000-hp Salvigilant (all built 2007).
