BBR ordered to move vessels to Singapore on debt service failure
Tuesday, July 4 2017 - 01:10 AM WIB
By Alexander Ginting
IDX-listed offshore services company PT Pelayaran Nasional Bina Buana Raya Tbk ( BBR) reported on Monday it has received default notice from United Overseas Bank Limited , Singapore due to its inability to pay loan installment of US$ 2.5 million.
The Bank has asked the company to reposition its two Anchor Handling Tug Supply ( AHTS) vessels MV Prevail and MV Veloce from Batam to Singapore.
The company expects revenue loss of $1 million for the rest of the year due to repositioning, as it may no longer be able to operate the vessels.
BBR, however, claimed that the seizure will not have significant impact on the company.