The company entered into talks with Singapore’s PSA Marine to sell the operation in March, after marketing both its harbour and offshore operations.
The negotiations came to nothing, however, due to the “increasingly competitive landscape in the Australasian harbour and offshore towage and infrastructure support markets.”
This has led to the company reassessing its prospects for PB Towage, writing down $58.5m in the value of its fleet and other investments, while making a further unspecified provision of $2.5m.
The
