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
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mapletree Logistics Trust to sell Tuas warehouse for S$10.5 million
Keppel sells stake in Dyna-Mac for S$100 million
STI climbs 0.8% on Friday, tracking regional rally
China’s Zeekr prices US IPO at top of range to raise US$441 million
Hin Leong founder OK Lim found guilty of 3 criminal charges
New weight-loss, diabetes drugs reach one in eight Americans