DBS stitching together vessel deals for Pacific Richfield Marine

Singapore

DBS, a major bank creditor behind Pacific Richfield Marine Pte Ltd (PRM), is understood to have helped identify buyers or charterers for five of the 40 offshore support vessels (OSV) earmarked for sale in PRM's fleet to tide the OSV owner-operator over the current downturn in the offshore and marine (O&M) sector.

PRM's planned vessel sale is among the first significant asset divestment made known in the public domain and it is being closely monitored by industry watchers seeking clues on how the O&M sector will steer through the perfect storm of low oil prices and overcapacity.