PACC Offshore Services Holdings Ltd. (SGX:U6C) signed an agreement to acquire the remaining 50% stake in Pacific Workboats Pte Ltd. from Dolphin Shipping Company Private Ltd. for $0.68 million on October 9, 2019. The consideration for the acquisition was arrived at, on a willing-buyer, willing-seller basis, after taking into account the net asset value of the sale shares of $0.54 million of 50% equity stake in Pacific Workboats representing 0.25 million shares following the completion of the distribution in Specie. The consideration will be paid in cash upon completion of the acquisition. Following which Pacific Workboats will cease to be a joint venture of PACC Offshore Services and will become a wholly owned subsidiary of PACC Offshore Services. None of the directors or the controlling shareholders of PACC Offshore Services have any interests, direct or indirect, in the acquisition other than through their shareholdings (if any) in PACC Offshore Services. Assuming the distribution in specie was completed on 30 June 2019, the adjusted book value and the adjusted net tangible assets value attributable to a 50% equity stake in Pacific Workboats were approximately $0.88 each. The completion of the acquisition is conditional upon, amongst others, a dividend distribution of $34 million to each shareholder by Pacific Workboats to PACC Offshore Services and Dolphin, which will be satisfied through a distribution of assets, comprising primarily of vessels. The acquisition is expected to complete by end of 2019. The acquisition is not expected to have any material impact on the net tangible assets per share and earnings per share of PACC Offshore Services for the financial year ending December 31, 2019. PACC Offshore Services Holdings Ltd. (SGX:U6C) completed the acquisition of remaining 50% stake in Pacific Workboats Pte Ltd. from Dolphin Shipping Company Private Ltd. on October 23, 2019.