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POSH-Ezion JV defaults on loan

Specialist offshore marine service contractor POSH Terasea is in trouble after offshore and marine group Ezion ran into financial difficulties. A loan has entered into default, which is secured against five high-capacity anchor handlers on the joint venture's fleet. The vessels are valued at over $6m

Despite being in a protracted offshore downturn, POSH is the better-performing half of the JV. However, it now warns of a possible writedown of its JV interest

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