Report: Havila sheds anchor handler as part of restructuring plan

POSH Venture; Image source: POSH

Norway’s shipowner Havila Shipping has reportedly sold one of its anchor handling tug and supply (AHTS) vessels to an unnamed Vietnamese buyer.

According to information provided by VesselsValue, the vessel in question is Havila’s POSH Venture.

The vessel, along with the 2008-built POSH Viking, POSH Vibrant, and POSH Virtue, is operated by POSH Havila Pte Ltd, a 50-50 joint venture company between Havila and Singapore’s PACC Offshore Services Holdings (POSH).

Havila revealed in its 2016 annual report in early April that the JV company would be wound up and all four vessels sold as part of its restructuring plan. For 2016, the JV company posted a loss of NOK 41 million against a loss of NOK 31 million in 2015.

Regarding Havila’s restructuring, the company in November received support from its shareholders for the restructuring proposal, regarded as the only viable alternative to bankruptcy.

The restructuring plan was supposed to enable the company to endure the severe market downturn, continue operations of its fleet, and provide it with a financial runway until November 2020.

As far as the vessel goes, although latest AIS data available for the 2009-built AHTS is from March, it shows that the POSH Venture was heading from Walvis Bay, Namibia, towards the city of Vung Tau in southern Vietnam.

The vessel, built by Guanhai Shipbuilding in China, is 70 meters long, 16 meters wide with a deadweight of 2,454 tonnes and accommodation for 40 persons.

Offshore Energy Today Staff