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Marine service provider denies distressed sales

Pacific Richfield says it's cutting its fleet by up to half to pare debt amid the market downturn

Published Mon, Nov 30, 2015 · 09:50 PM

Singapore

PACIFIC Richfield Marine Pte Ltd has denied that its vessels are being offered for distressed sales as indicated in a report released over the weekend. It also pointed out that its oustanding bank debt was just over US$100 million, not under US$400 million as suggested.

Still, the marine service provider confirmed that it was selling vessels - as much as half its offshore support fleet - to pare debt and expenditure and tide over the market downturn.