Havila sheds second anchor handling pair from POSH JV

Norway’s shipowner Havila Shipping has entered into agreements for the sale of two of its anchor handling tug and supply (AHTS) vessels.

Havila said on Tuesday that the vessels in question were the POSH Vibrant and POSH Virtue.

According to the company, the vessels are expected to be delivered to the new owner during the first part of November.

The two vessels were previously operated by POSH Havila Pte Ltd, a 50-50 JV company between Havila and Singapore’s PACC Offshore Services Holdings (POSH). The company used to jointly operate four vessels, POSH Venture, POSH Viking, POSH Vibrant, and POSH Virtue. In its 2016 annual report, Havila announced that the JV company would be wound up and all four vessels sold as part of its restructuring plan. The POSH Viking was sold in September while the POSH Venture was sold in late April.

Following the sale of the second AHTS pair, Havila said the lenders and Havila Holding AS would exercise warrants through debt conversions into new shares corresponding to agreements decided by the general meeting on January 4. The company added that the number of shares would increase by approximately 124,200,000 up to approximately 1,891,000,000 shares following the sale.

“The sale will have a low impact on result and liquidity. The equity effect of the planned debt conversion was booked in the groups account through the restructuring on February 28, 2017, and the sale will cause minor equity adjustments,” the company said.

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